Divorce – is it ever too late to make a financial claim?
Last year there was a great amount of media attention in relation to the case of Wyatt v Vince. Last week, Mr Justice Cobb has approved a financial settlement reached by the parties in this much reported financial remedies dispute.
The background to the dispute is highly unusual in that Kathleen Wyatt issued a financial remedies claim against Mr Vince 19 years after decree absolute. Significantly, that in the intervening period between the decree absolute and Ms Wyatt’s claim, Mr Vince's lifestyle and wealth had changed markedly in that he had become a hugely successful business man who owned a company which had an estimated value of ￡57 million.
The husband's attempt to strike out the wife's claim failed at first instance but succeeded in the Court of Appeal. However, that judgment was overturned by the Supreme Court who unanimously allowed the wife's appeal against the strike out of her claim and directed that the wife's application proceed in the Family Division of the High Court.
In a judgment dated 10 June 2016, Mr Justice Cobb confirmed that the final order settling the proceedings should be made public.
In summary, the consent order provided for:
1. A lump sum of ￡300,000 to the wife in full and final settlement of her claims
2. That the wife should retain a payment on account of ￡200,000 paid to her by the Husband towards the costs of the Supreme Court appeal in addition to the award of ￡125,000 towards her costs made in December 2012.
Clearly, this case reiterates the importance of ensuring that Consent Orders are entered into prior to Decree Absolute in divorce proceedings. This allows the court to give full consideration to what is fair and reasonable for the length of the marriage and the needs of the parties at that time.
At Ramsdens we have a dedicated team of divorce lawyers with specialist knowledge in the financial aspects of divorce proceedings. Contact our family team on 08000 147720, email [email protected] or text LAW to 67777 to arrange a free thirty minute consultation in any of our twelve offices across West Yorkshire.