Divorce and money…
On 11 March 2015, The Supreme Court (the highest Court in England and Wales) has made a decision confirming that an ex-wife could pursue a financial claim against her ex-husband, some 20 years after they divorced!
This case concerned Kathleen Wyatt who married Dale Vince in 1981. They had one child from their relationship, before they separated in 1984 and then divorced with the Grant of Decree Absolute in 1992. Ms Wyatt remained the primary carer for their young son whilst Mr Vale went on to become a very successful businessman and multi-millionaire.
However, no agreement was formally recorded within a Court order concerning any limits on the ongoing financial responsibility by Mr Vince to Ms Wyatt.
Therefore, when Ms Wyatt made a financial claim against her ex-husband in 2011, the Court had to consider whether her claim should be allowed after such a long time following their separation and divorce?
Whilst the judges in the High Court and then the Court of Appeal disagreed, the judges in the Supreme Court have now had the final say, by confirming that there is no time limit for ex-spouses to apply to a Court for a financial settlement following a divorce.
This means that whether you are a millionaire or have more modest wealth, it is essential to remember that a divorce alone with only the grant of Decree Absolute (which means you can then re-marry) does not provide any safeguarded against your ex-spouse making a financial claim against you at any time in the future.
A previous example of an ex-husband being caught out by this rule was when in 2010 the £56million Euromillions jackpot winner Nigel Page had to make a large payment to his ex-wife who he had divorced 10 years earlier, because they had not recorded any financial agreement within a Court order.
Therefore, it is very wise to invest some extra time and money in proper legal advice to ensure that there are no legal loose ends at the time of divorce which might cost you a lot of money and heartache in future years.
This advice from Kiteleys Solicitors Family Team starts at £150 (which includes VAT) as a fixed fee for an hour meeting with one of our specialist family law solicitors. Contact Colin Mitchell on 01202 393506 for an initial free telephone assessment.