Much has been written about the case of Barder v Calouori  AC 20 (“Barder”) in the initial stages of the COVID-19 lockdown. It was held out as the means by which maybe, just maybe, it might be possible to reopen a case where a substantive financial order has been made on the basis that the COVID-19 pandemic is an event which has invalidated the basis, or fundamental assumptions of the original financial order.
Jordan Williams, wealth manager at Artorius, and Abby Buckland, Senior Associate in the family and divorce team at Kingsley Napley, believe that a collaborative approach to preserving family wealth at an early stage is necessary. In this blog, they share some of the practical ways in which family wealth can be preserved in the event of divorce or death.
The family courts remain open in the midst of this pandemic and as a divorce lawyer, I therefore continue to grapple with the question of how the asset pot should be divided fairly and in accordance with the law when there is so much uncertainty in the global market. Whilst the government recently announced the “re-opening” of the property market, economists and housing experts have differing views on how significant the fall in house prices will be and when the market can be expected to bounce back.
The uncertain financial trajectory as a result of the coronavirus crisis is something that couples going through the divorce process need to consider carefully as it can have an impact on their financial settlements. Pension assets can often get overlooked on divorce generally as they are not viewed in the same way as a cash asset or a property.