Financial remedy negotiations during Coronavirus

The settlement of financial remedy claims always involves some risk for clients requiring a degree of speculation as to how their financial position will develop. However in times of great financial and wider uncertainty such as now exists with the COVID-19 pandemic that risk increases. Solicitors will need to ensure clients understand the range of options open to them and the potential consequences of their choices.

As family practitioners we are comfortable discussing the principles of “need” and “sharing” with our clients – but how can someone know what sum they will need to purchase a new home when property prices are so uncertain or whether they require maintenance if their job is suddenly insecure? And how are parties to know whether an award amounts to 50% of the family assets with investment values changing daily and businesses very difficult to value?

There are a number of options as to how to proceed each with advantages and disadvantages that will weigh differently in each case.

Deferring negotiations or proceedings and awaiting more stable times has the obvious...

Read the full article here.