If you’ve been watching the news today, you’ll have noticed a high profile ‘delayed divorce’ case involving Kathleen Wyatt and Dale Vince. Ms Wyatt is said to be claiming up to £1.9m of her ex-husband’s fortune. What was unusual about today’s Supreme Court ruling, is that the pair have been divorced for over 13 years, with all of Mr Vince’s wealth accrued since their split.
When the pair divorced, after their 11-year marriage in 1992, there was no ‘financial order’ made as they had little or no assets, in fact; they had lived a very basic ‘traveller’ lifestyle during their time together. Mr Vince went out to found a renewable energy firm ‘Ecotricity’ and now has personal wealth estimated at £60m and Ms Wyatt launched her claim in 2011.
Today, Supreme Court judges indicated that Ms Wyatt would be unlikely to walk away with the £1.9m claim, but that a mortgage-free property would be appropriate to the lady who has struggled to make ends meet whilst raising the couple’s child with no support from Mr Vince.
Considering divorce? How does this landmark case affect you?
The main lesson learnt from today’s ruling is that divorcing couples should always consider it necessary to reach a financial settlement. Ensure your divorce lawyer considers potential earnings as part of your case, especially if you are still young with a career ahead of you.
Think you have a ‘delayed divorce’ case?
Undoubtedly this case will ignite similar claims coming forward, especially when one ex-spouse has gone on to amass wealth. But if you think you may have a case it may be worth considering the outcome of Vince V Wyatt to see if it will be worth you while (and worth the court costs).
We often see many husbands or wives who have amicably divorced and get on well with their ex-spouse. Others say they have no assets worth dividing. Our advice is to always consider that circumstances may change in the future, as in the Wyatt case. Therefore the best way of trying to protect yourself from future claims is by the relatively straightforward step of preparing and agreeing a consent order which is sent to court and will be in full and final settlement, even if no money changes hands. In many cases this is known as a clean break.
To make sure you get your divorce right in the first instance, why not speak to our divorce specialists at Otten Penna? We can ensure that you are left with an appropriate and fair outcome based on your personal circumstances. Don’t forget, we hold a free Family Law Clinic at the Wythenshaw Forum every Thursday 12pm – 2pm and at our offices in Northenden every Wednesday 10am – 4pm. Please feel free to call in and discuss your options.
Vicky Wright, Solicitor
Vicky Wright, Solicitor is a member of Resolution and an accredited specialist in Finance and Children, Vicky undertakes all aspects of family law including financial matters arising from the breakdown of marriages and other relationships, divorce and children issues and domestic violence.