Divorce and Finance

Divorce and Finance

Posted by Madeleine Harrington, on February 26, 2020. Tags: , ,

We were instructed by the Wife in respect of her divorce on the basis of her husband’s unreasonable behaviour and the consequent Financial Remedy proceedings. The Wife worked part time and the Husband managed their property portfolio of twenty properties, which included one property abroad. These properties were all rented out to a mixture of private and social tenants. A significant amount of disclosure was undertaken and consequent negotiations regarding the valuation of each property were required.

The Wife did not accept that the Husband was being open and honest in respect of his disclosure. The Husband was also the Respondent in other dispute in relation to his conduct of the property business. In negotiating a settlement for the client, consideration had to be given to tax implications arising from the business and in the event that any of the properties were transferred or sold.

The matter was concluded by an agreement at Court whereby the Wife received slightly more than a 50% share of the Property portfolio, made up of well maintained, low risk properties within the UK and with additional indemnities from the Husband in relation to the tax implications of the business. In addition, the agreement included that in the event the Husband was found to have been untruthful in relation to his financial position the Wife would receive additional funds. This meant the Wife was able to rehouse herself and also secure an ongoing revenue stream from the properties she retained.