UK: BREXIT – An Epic Divorce With Epic Consequences

Citizens of the UK have voted to exit the European Union. As a result, the proverbial merde has “hit the van.” And it is not just a question of the laws impacting divorce and family law cases. This divorce has infinite impact on infinite areas of infinite people’s lives. Trump says this is a “great thing” but that is not a foregone conclusion anybody can draw at this time. It is necessary to wait and see how this plays out.

The current sitting British prime minister is running for the hills. He does not want to be responsible for this. He knows this is epic and he will not be the one to clean up the mess. He is quoted as saying that his successor will have to deal  with it once Article 50 of the Lisbon Treaty (mechanism for departure from the EU) has been triggered. And it has been triggered. The fall out has already began. To wit:

  • Prime Minister David Cameron is out of a job – he resigned.
  • All other European Union leaders are petrified about what this means for their countries (including France, Germany & Netherlands)
  • The Pound has had its biggest one day fall in history and nobody knows how low that will drop
  • The financial markets are reeling around the entire world as uncertainty kicks in
  • Banks are imploding (this includes Lloyds, Barclays and the Bank of Scotland) as they watch their market value evaporate
  • Billions have been wiped off the British economic indexes in one flash
  • Home prices are expected to plummet wiping out the networth of the retiring generation says billionaire Wilbur Ross
  • Foreign direct investments are expected to halt indefinitely
  • Exports to Britain will be interrupted as partners wait to see what will happen.
  • Trade Deals negotiated with the EU have been nixed
  • Global markets precipitously dropped
  • Economic collapse all but certain for England – according to Billionaire George Soros
  • Northern Ireland peace process is now in jeopardy
  • A Bloody independence battle with Scotland looming

This is just at the starting bloc. This is just the tip of the iceberg. This divorce will make the War of the Roses look tame because the rest of the EU are going to start to feel resentful towards England and this will have repercussions. Young UK students living and studying in other European countries like France will feel a bit of a nasty pinch now that they will require visas to remain. Folks will need to show passports when they travel to and from the UK.

Some effects could be positive. For one thing the government will be better able to control the inflow of undesirable immigration into the country. They will have better border controls – for sure. This is a positive. There will be a corresponding increase in “parliamentary power.” This is a positive. They will have to re-negotiate all their trade deals. This could work out in their favor.  Who knows?

As for the family law aspect, it will be more difficult for British citizens to get divorced in other countries in the EU. Although, this may be good because they do get a better result in England if they are not the monied spouse. But if an English woman marries a rich French guy and they life in France? And he files in France? She could have some trouble. Because French law is not that favorable for the spouse who does not have the money (and for “trophy wives.)

But even within the country it is not the most opportune time to get divorced. Not when you have home values evaporating and the Pound losing so much of its value in so rapid a span of time.

 

 

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One Response to "UK: BREXIT – An Epic Divorce With Epic Consequences"

  1. Pingback: Tax Implications Of Divorce For Ontario, Canada Residents | Law-Legals-Litigation

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