Credit crisis sparks rush on divorce proceedings

Credit crisis sparks rush on divorce proceedingsFamily lawyers are already seeing an increase in work as a growing number of women seek to secure assets as the economic boom turns to gloom.

Leading divorce lawyers told The Lawyer there had been a significant increase in the number of women seeking advice on divorce proceedings. Meanwhile, men are seeking advice on how they are going to prevent their exes from accessing their dwindling wealth.

“[Women will] want to move quickly to secure the family assets,” said Cintons family partner Liz Vernon. “We’re also seeing more men asking about variations – where court orders were made years ago and the ­husband has to pay over an annual £100,000 to the wife but can no longer afford to.”

Vernon said she already had several such cases ongoing, ­compared with none at the same time last year.

A survey of 100 City analysts, stockbrokers and hedge fund managers by Mishcon de Reya revealed that more than a fifth believed divorce proceedings would be launched ahead of a recession as spouses attempt to secure cash.

“The worry is that the future is very uncertain,” said Mishcon family partner Sandra Davis. “Those couples who papered over the cracks with open chequebooks are now seeing those cracks emerging as full fault lines.”