The Principle of Equality & Sharing Assets on Divorce
Family and Divorce
In the case of R V R [2012] a husband sought a departure from the sharing principle during ancillary relief proceedings.
The couple married in 1983 and separated in 2008 due to the husband’s infidelity. At the time of the hearing the wife was suffering severe financial hardship due to the closure of her solicitor’s practice. The husband was financially secure as a majority shareholder in a company that produced refreshments. The wife was seeking an equal share of the assets where as the husband believed there should be a departure from the sharing principle.
The court ruled that the company was a matrimonial asset as it had commenced after the couple married. Therefore there were no grounds to depart from the sharing principle. The wife would be paid a lump sum of £4m. The sum of £1.25m would be paid within 28 days to allow her to settle her immediate outstanding debts. The remainder would be deferred with the wife receiving £1.25m by 31 December 2013 and the remainder by 31 December 2015. In the interim the wife would be paid £12,000 per month until the first payment of £1.25m and £7,500 per month thereafter until further order together with payments equivalent to the mortgage interest payments on the former matrimonial home. There would be a clean break as to the capital but no order as to costs.
Divorce Solicitors and Lawyers Eastbourne, Hailsham, Polegate, East Sussex
If you would like advice regarding divorce and finances please contact our Family Law Department for a free initial appointment on Eastbourne 01323 727321 or Hailsham 01323 841481.
