Family Law Case Study - Divorce Financial Issues
08 October 2015
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The parties were unable to agree a divorce financial settlement. The other side made an application to the Court claiming that she was entitled to 65% of all marital assets. The marriage was in excess of 20 years and the parties could not agree on the date of separation.
There were significant assets to include properties both here in the UK and abroad in Greece with a combined value of almost £2,000,000. Some of the properties were purchased prior to the marriage and over the years had made significant gains in equity. There were no mortgages on most of the properties.
I advised my client on the relevant factors that are taken into account when deciding upon a financial settlement; age, earning capacity, the financial needs of the parties, the standard of living enjoyed by the parties, any physical or mental disability of each of the parties, the contributions which each of the parties has made and conduct.
Also provided the client with advice on Pension Sharing Orders and whether his wife had a claim for spousal maintenance. Finally, gave advice as to the ability to ring fence certain assets that were obtained prior to the marriage.
Reminded my client that at all times, full and frank disclosure of financial assets must be made and that an agreement reached must be a fair and reasonable one.
Client received a Court Order that ring fenced 20% of the total assets as they were accumulated prior to the marriage and of the 80% that remained he kept a further 50% with no spousal maintenance payable to his wife.
Client Testimonial: “This has been a very difficult and stressful time for me, however I am very grateful for the advice that you gave and your constant help which enabled me to keep going when I wanted to just throw the towel in.”
For initial legal advice about Money Matters in Divorce call our Divorce Solicitors on 03306069626 or contact us online and we will call you.
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