Pursuing A Financial Order When You Divorce
- February 28, 2018
- Posted by: hopkinslaw
- Category: Divorce, Family Law
IS IT IMPORTANT YOU PURSUE A FINANCIAL ORDER WHEN YOU DIVORCE?
The short answer to this question is “yes”.
Whatever your financial situation is or wealth, you need to ensure that you seek a financial order which is in full and final settlement and that there are no loose ends hanging about, which could catch you out in future years. You may feel that as you have no assets, this is not an important step. However, following the case of Wyatt – v – Vince, the Court decided that as Wyatt could seek a lump sum payment from her ex husband 20 years after their marriage broke up, no financial order was made when they divorced as neither of them had any money. Mr Vince founded what was to become a very successful wind farm business which made him a multi-millionaire. Mr Vince set up his successful business and accumulated his wealth after the divorce.
Many individuals who are unsure as to whether their historic arrangements with their former spouses fully addressed all financial matters should obtain legal advice as to whether they can make, oppose or resolve such a claim. Therefore, you should seek advice if, following divorce, either no financial order was made or the order made did not address all financial issues. This case highlights the importance of resolving all financial issues.
If you require advice then please contact Hopkins Law, 50-50a High Street, Cowbridge CF71 7AH.
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