25 August 2017, by Taylor King Family Law Solicitors
Many divorcing couples agree their financial arrangements, but do not have it recorded in a financial order.
Mr & Mrs Briers divorced in 2005, at that time Mr Briers transferred to his wife the former matrimonial home, mortgage free which was worth approximately £700,000. The husband retained his clothes business, which he had set up in the family garage. Both parties were teachers at the time.
In 2013 Mrs Briers applied for a financial remedy order, in the interim Mr Briers had transformed his business which then had a turnover of £30 million. Mrs Briers had continued working as a teacher and looking after the children.
Mr Briers argued that there was a verbal agreement in 2005 which prevented his wife from making a claim.
The court of appeal found that there was no agreement. They said that the wife has contributed after the divorce to the family by looking after the children and she was ordered one third of her husband’s wealth.
We advise separating clients that they should not make payments to their spouses, divide assets or transfer property, without a final consent order in place.
Recently we have noted a rise in the number of ‘spouses’ coming back for a second bite of the financial cherry after they have received a lump sum or the transfer of the family home. In one case this was 14 years after the wife had received all the net proceeds of sale of the family home upon separation.
If you would like to find out more information about the issues raised above, please contact Susan Taylor. 0161 883 0460 or email firstname.lastname@example.org