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Benjamin Carter
DIVORCE : SECOND BITE OF THE CHERRY
Many people think that once a divorce has been finalised , and a couple have agreed how to divide their assets , then that is the end of their responsibility to each other and that their former partner cannot make further financial claims . In fact , that is not necessarily the case . Benjamin Carter , specialist family lawyer from law firm Cripps , highlights the pitfalls .
If you have made an informal agreement with your partner to divide your assets at the end of a divorce and have not obtained a court order setting out the agreement then either partner can potentially ask the court for more . This has happened in a number of cases where the original agreement made at the time of separation was not upheld and additional financial provision was granted .
Two cases which have made the headlines recently illustrate what can happen .
In 2015 , in the case of Wyatt v Vince , the Supreme Court confirmed that there is no time limit on making a financial claim arising out of a divorce . The couple divorced in 1992 when they were , as later described by some of the national papers , ‘ penniless new age travellers ’.
In this case , the original court file was , in the passage of time , mislaid and therefore it was not clear what arrangements , if any , had been made . This enabled Kathleen Wyatt , almost 25 years later , to make a claim against Mr Vince who by that time owned a staggeringly successful green energy business , valued at £ 57 million .
Mr Vince claimed that the decision was tantamount to his former wife “ cashing in an old lottery ticket ” but ultimately , the claim was successful .
In another case , Glenn Briers , the owner of a fashion chain which includes such famous brands as Lambretta and Vision Street Wear , was ordered to pay his ex-wife £ 2.7 million , 27 % of his assets , some 11 years after they divorced .
Shortly after the divorce , he had transferred the family home to his wife and paid off the mortgage . In exchange , he had kept the business which he had started in their garage , with just £ 81 , when they were both fulltime teachers . Mr Briers later maintained that there was an agreement that these arrangements settled any financial obligation between them but the court disagreed .
Between the divorce and Mrs Briers ’ application for financial provision , the business grew into a fashion chain with an annual turnover up to £ 30 million . Whilst Mr Briers was building up the business , Mrs Briers continued to teach and look after the children .
Her continuing contribution by looking after the children , and claims by Mrs Briers that there were insufficient details concerning Mr Briers ’ financial circumstances , led the court to decide that despite the 10 year gap , Mrs Briers was entitled to a substantial payment .
These cases highlight the fact that the passage of time does not insulate a former spouse from a financial claim by their former partner , even many years after they divorced . The key point in both these cases is that there was no court order setting out the division of assets and confirming that the couple ’ s financial claims were dismissed .
Anyone who is going through a divorce , and wants to avoid the Briers / Wyatt trap , should obtain a court order which confirms that whatever financial arrangement has been put in place is in full and final satisfaction of the parties ’ claims . These orders are quite easy to obtain but both parties will need to give full details of your financial affairs .
If you have been divorced but did not obtain a court order , or enter into a formal financial agreement , you may be entitled to more , particularly if it is likely that your former spouse was less than open about his or her financial affairs . In either case , a solicitor can review your situation and advise you of your options .
If you would like to speak with a solicitor to discuss this in more detail , please contact Benjamin on 01892 506081 or email benjamin . carter @ cripps . co . uk .
www . cripps . co . uk @ crippslaw
About Cripps
Cripps is a key regional law firm serving clients nationally and internationally from offices in Kent and London . Recognised countrywide for both its commercial and private client work , Cripps is listed as a top law firm by eprivateclient . The firm focuses on wealthier families , entrepreneurial businesses and the real estate sector .
Find out more at cripps . co . uk
This article gives examples and is intended for general guidance only .
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