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Bankers fearful of their ‘dwindling’ salaries are forcing the courts to reassess divorce provisions, damaging the financial security of their former spouses, leading law firms have reported. The nation’s critical eye has seen bonuses slashed and devastation within banking sector employment following the recession’s merciless blows. But family lawyers are reporting a “huge rise”, up to 40% in some cases, in applications asking the court to alter annual maintenance payments to ex-partners. Many divorce arrangements between bankers and their partners will see judges take into account future bonuses when calculating payments. However, now that many bankers have been left without permanent employment or heavily reduced salaries, original divorce arrangements are no longer tenable. Recently, a City executive applied to alter his payments to an ex-partner from £10,000 a month to just £1,000 after losing his job. The executive, who previously earned £1.5m annually, was forced to start a new business and could not meet previous court demands, applying to judges for a “varying order” to change arrangements. Family Lawyers claim that judges are becoming more sympathetic to such “varying orders” and they could become common place, not just in the banking sector, but for all those individuals struggling to meet divorce arrangements amidst a dire employment market. Those in a similar boat have been encouraged to approach solicitors and understand the options available when payments become unrealistic.
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