Various questions have arisen concerning people’s matrimonial status following the Bank Crash and economic crisis. Hrefna Friðriksdóttir, Associate Professor of Family and Inheritance law, deals with urgent questions in her study: “Matrimony and crisis: Responsibility, influence and consequences.”
Friðriksdóttir has learned that people are relatively ignorant on the basic principles of matrimonial law regarding married couples’ finances; and she felt that the public discourse in the wake of the crash was characterised by this. “It has been claimed that married couples bear joint responsibility to a much wider extent than it is reasonable to assume is stipulated by law, or conversely that marriage has less of an effect than the law states.”
Friðriksdóttir says that various interesting developments emerged. The number of weddings taking place has gone down since the crash. The reason may be that couples have taken informed decisions on matrimony not being the right arrangement in current conditions. Another possibility is that the cost of weddings, and a deteriorated financial situation has hindered people in getting married, without taking into consideration the protection afforded to the family by matrimony.
The fact that the divorce rate has not been affected by the crisis may come as a surprise to some. However, the number of pre-nuptial agreements rose in the years 2007-2009. According to Friðriksdóttir this is a development that could be worth researching further. “The increase may signal that some people harboured suspicions about the coming storm and were tempted to save assets from the grasp of legal action by debt collectors. Such contracts have yet to be challenged in the courts as to their validity, but this will probably happen in coming years.
Friðriksdóttir says that it was noteworthy that the courts had not had to deal with many disputes regarding ownership or responsibility for debt or for the nullification of contracts on division of assets. Obviously many people acquired substantial assets before the crash; as well as equally many incurred serious debt. Taking into consideration uncertainties regarding assets and debts it is likely that various complex controversies may have arisen between spouses and in their interactions with their respective claimants.
Finally, Friðriksdóttir says that yet again people’s basic ignorance of the financial principles of matrimony is revealed in this study; as it has been in her experience through the years.
