Greater Manchester residents may be interested in a case that was recently heard by the Appeal Court in London. The court ruled that the former wife of a wealthy property mogul can keep her £3.5 million settlement from her divorce even though she has been living with a new partner.
Reportedly, the husband argued that she should not receive the settlement amount because she could rely on her partner for financial support. He also said that his former wife had lived with her partner for more than a decade, that they had a joint bank account and owned a home together, clearly showing they were living as man and wife.
The former wife argued that she needed to keep her settlement so she could maintain her financial independence separately from her partner. She also said she should not be required to be dependent on any man and that they had no plans to marry in the immediate future. The husband and wife were married for 24 years, beginning divorce proceedings in 2011. During their marriage, they amassed the family's wealth of around £10 million through property and other investments, and they lived in a gated home near Sutton Coldfield.
Couples who have high net worths and who decide to divorce may have property division issues that are more complex than do other couples. A family law solicitor may help a client who is in this position with identifying assets that have been hidden away, uncovering accounts and obtaining valuations of various items. This can help to make certain that the client's financial interests are better protected.
Source: Mirror, "PropProperty mogul's ex-wife can keep £3.5m divorce settlement - despite finding new lover," Tony Larner, May 27, 2016.