Learning from a Divorce Story
>> Jan 25, 2019
A recent case in England & Wales
-with more gusto and clarity than ever- has demonstrated the importance of
finalising the financial details of a divorce. If this process is not
adequately completed, then the consequences could be that an ex-partner may
apply for a share of your asset’s many years later.
The case involved an ex-husband
applying for a financial share of the assets 25 years after the divorce.
Married in 1983, the couple were married for nine years, divorcing in 1992. The
Wife went onto have a highly successful and profitable career elevating her
estimated asset value to the sum of £4.7 million. The Husband’s career was less
successful with an estimated asset value of £60,000. Included in this value was
his pension.
In 2016, the Husband decided that he
would seek what is known as a ‘financial solution’ from his ex under the
Matrimonial Causes Act 1973. The Husband was responsible for looking after the couple’s
children after the divorce. The Wife, together with her new partner spent
£600,000 on purchasing and renovating a house for the Husband and children
alongside other financial support provision.
At the time of the divorce, neither
party sought legal advice and thus, there was no formal settlement had been
made in regard to the financial element in the divorce. It appears, according
to the findings of the high court recently that the Husband and the Wife had
believed that the marriage had been finalised and that there was no further
need for written finalisation.
Although this is a case which the
Court dismissed the husband’s claim, the Court did acknowledge that in some
cases there may be a justification for one or other of the parties to make a
financial claim many years later.
The only reasons that this example
failed is because there was an informal agreement which was acknowledged by the
Courts. The husband did argue that this agreement was only in place because he
agreed under duress and was under a lot of pressure to accept it. This claim
was subsequently dismissed by the Court.
The Husband also sought to remain in
the house which was purchased by the Wife for him and the children. This was
rejected as the Courts found that his current Wife owned property where he
could live.
It was the lifestyle of the Husband
that became an issue in determining his Wife’s obligations. The Wife had given
the Husband the financial support which they required; it enables him to care
for the children and to choose his own career path. As a result, the wife had fulfilled
her financial obligations and to ask her to pay any further would not be fair.
Seatons understand that a divorce case
can be very difficult and upsetting while getting Lawyers involved may be the
last thing on your mind. For your own peace of mind, due to the knowledge that
once the divorce is finalised there would be no repercussions, it is advisable
that both you and your spouse seek legal advice.
If you are unsure on any of the
elements of this article, this is
a handy page to read with everything you will need to help you with the Divorce
Process in England and Wales.
If you need help or assistance with
getting a divorce or dealing with assets after a relationship breakdown then
contact us by phone free on 0800
3 10 11 12 or contact us online.
0 komentar:
Post a Comment