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FM25 -Changing face of divorce A High Court ruling has closed a loophole protecting the shared assets of divorced individuals. Divorcees may now have to relinquish assets to meet debts if an ex-spouse goes bankrupt within five years of separation. This retrospective order means that bankruptcy trustees can pursue an ex-spouse for up to five years. The order also applies to divorces in the last five years. It is predicted that this decision will affect at least 20% of the 120,000 people expected to file for bankruptcy this year and will change the face of divorce settlements where the prospect of bankruptcy is a real likelihood. |
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