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London likely to retain 'divorce capital of the world' label – Toby Atkinson speaks to Citywealth

28 November 2016

BrexitToby Atkinson spoke to Citywealth about the impact of Brexit on London's status as a leading jurisdiction for international divorce settlements and how market volatility is making it difficult for valuers to assess asset values.

An extract from the article, which appeared in Citywealth earlier this month, is set out below:

Does the plummeting pound, cause concern amongst your divorcing clients?

Whilst some clients will be concerned by the devaluation of their UK-based assets, those with significant property and business interests abroad may actually have benefited from the recent fluctuations in the exchange rates.

The reality is that the full impact of the UK's decision to leave the EU will not be known for some time and there will be further economic bumps in the road.

Depending on one's status in the divorce, the impact of Brexit on sterling could work for or against you in terms of the financial settlement.

What consequences will Brexit have on children in divorce?

So far as litigation in relation to children is concerned, little may change post-Brexit. The provisions of the Brussels IIA Regulation are relatively similar to those of the 1996 Hague Convention, to which the European Union is a signatory on behalf of the member states and which the UK is likely to apply in its domestic law after Brexit.

The UK's residual jurisdiction to hear children cases based on a child's presence, or in very limited cases his or her British nationality, may be clarified by the Parliament.

However I expect the consequences of Brexit to be limited as far as the law relating to children is concerned.

To read the full article, please click here - Russians may help London retain 'divorce capital of world' label

Toby Atkinson, Partner, Stewarts LawToby Atkinson specialises in a broad range of family legal matters, with an emphasis on financial claims arising from divorce. In 2014, he was nominated as a 'Rising Star' in the Thomson Reuters' London Super Lawyers List. He was also recently named in Citywealth's 2015 Leaders List which described him as "a calm, sensible and pragmatic lawyer with sound judgment... one to watch".

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