It has been reported today that Ms Kathleen Wyatt aged 55, has won her Supreme Court Hearing which recognised that there was a “real prospect” that Ms Wyatt would get a “comparatively modest award” further to her separation from her millionaire ex husband Mr Dale Vince aged 53. Mr Vince is the founder of the wind power firm Ecotricity. The parties divorced 20 years ago and Mr Vince became a millionaire a decade after the parties separated and is now worth an estimated £107m. Lord Wilson of the Supreme Court confirmed that Ms Wyatt’s claim was “legally recognisable” and not an “abuse of process” although her claim for a payout of £1.9m was too high an amount. The case will now be reviewed by a Judge of the Family Division in the High Court to determine what financial award is due to Ms Wyatt.
Although the financial figures referred to above only relate to a certain section of society, this principle will apply to all. It is extremely important that following the breakdown of a relationship, that financial matters are properly dealt with. Even if parties obtain their Decree Absolute and are therefore divorced, financial claims remain open. Either party can therefore still come back many years later to claim against the other.
It is essential that divorcing parties obtain a financial Order from the Court in order to ensure that financial matters are concluded. Whilst clients can be concerned about costs involved in dealing with financial matters following separation, it is strongly advised that parties seek proper advice from solicitors as soon as possible to negotiate and reach an early settlement. Even if parties cannot agree and the court process is required, it will still be cheaper in the long run by taking action now.
As is the case with Mr Vince, following separation and divorce, individuals can then go on to build their own businesses and /or significantly improve their assets and income without fear that their former spouse may seek to benefit from the same. It is important that following separation, parties seek proper legal advice and take the appropriate steps required to resolve the financial issues surrounding the breakdown of the marriage. By dealing with it during the divorce process individuals will be in a better position to safeguard any future assets acquired years down the line.
If you are divorced or divorcing and have not resolved the financial issues then you should seek legal advice now.
If you would like to arrange a FREE initial consultation in relation to any family law matter then please do not hesitate to contact Lydia Jackson by email or on 01672 518620.
