Page 12 - Insight Issue 1 _ 2018
P. 12
Why the fnancial settlement
is just as important as the
divorce itself.
Georgina Chase
Principal Lawyer in Family Law
at Slater and Gordon
It’s a common misconception that when a The case of Wyatt v Vince highlights the potential
marriage ends the decree absolute will bring to implications of not pursuing a clean fnancial break
a close the fnancial relationship between the at the time of divorce. Ms Wyatt chose to make a
couple. This is not the case as in the UK there’s fnancial application against Mr Vince 19 years after
no statutory time limit for bringing an application their divorce. The relationship had broken down some
31 years prior to the court hearing the application
for a fnancial settlement upon divorce.
and Mr Vince had since built an impressive business
When entering into a marriage both spouses have empire. However, the former spouses became
claims against each other in respect of income, capital involved in a drawn out and expensive litigation case,
and pension. When going through a divorce, you have fnally reaching an agreement which was approved by
to provide a ‘full and frank’ fnancial disclosure that the court where Ms Wyatt received £300,000.00 of
details all your fnancial assets. her ex-husband’s assets.
Reaching a fair settlement relies on both parties Often, separated couples will try to reach an agreement
being honest about their earnings, investments and between themselves. If this is unsuccessful or not an
outgoings. And there are penalties for those who option there are a number of different routes available
aren’t. If a spouse hasn’t complied with their duty of to couples trying to decide how to divide assets,
disclosure the court may take this into account when ranging from mediation to court proceedings.
making their fnal order.
However, couples should be aware that some
However, a delay could well impact on the level of agreements may not be legally binding and the family
the award so it’s always prudent to obtain a fnancial courts has jurisdiction to override them. Therefore it’s
settlement at the time of your divorce to avoid future important to seek expert advice from a matrimonial
uncertainties. lawyer when reaching a fnancial settlement.
If you were divorced a number of years ago without a
court order then we can advise you in relation to any
“ Reaching a fair settlement fnancial claim that may still be open.
relies on both parties being
honest about their earnings, If you would like specialist advice from a
investments and outgoings. family lawyer please contact Slater and
” Gordon on 0808 175 7710 and we’ll
be happy to help.
12 Insight Magazine of Merseyside Police Federation - Issue 1 of 2018 • www.merpolfed.org.uk
Insight Issue 1 _ 2018.indd 12 22/03/2018 08:51