Divorcing Wife Granted Extra ￡500k for Sacrificing Career
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A wife who sacrificed her career for her marriage has been awarded an extra ￡500,000 as part of her divorce settlement.
Case Background
The husband, aged 48, and the wife, aged 50, were both high earners in investment finance when they began cohabiting in 2004. They married in the US in 2006, and the wife gave up her career when they relocated to England to start a family. They have two children, now aged 14 and 11.
Financial Division
Upon the marriage breakdown in 2021, the couple sold the matrimonial home and divided the proceeds. The wife’s assets totaled around ￡650,000, while the husband’s assets were approximately ￡6.8 million. Joint assets were around ￡4.2 million, and their respective pensions were ￡225,000 for the wife and ￡1 million for the husband.
Court’s Decision
The Family Court applied the sharing principle for a 50-50 division of assets, providing the wife with:
A house in the US
39% of the husband’s pension
50% of his stocks
50% of the joint accounts
An equalizing lump sum of ￡2.1 million from the husband
This left both parties with assets of around ￡6.5 million each.
Compensation for Career Sacrifice
Despite the sharing principle covering the wife’s needs, the court recognized her career sacrifice as a relationship-generated loss. Given her previous high earning potential and the impact of her career break, the court awarded her an additional ￡500,000, payable in five tranches of ￡100,000.
The husband was also ordered to pay all future school fees for their children and ￡25,000 per child annually until they ceased full-time education.
For more information or advice on family law matters, readers are encouraged to contact the legal team at southgate solicitors at 02080040065 or [email protected]. It’s important to note that the content of this article is general information and not legal advice, and readers should seek independent expert advice for their specific situations. Our experienced team at southgate solicitors is here to provide expert guidance and support.