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
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