In March 2016 we reported on the highly publicised case of Wyatt v Vince and the risks of not having a financial order following the breakdown of a marriage.
On 24 March 2016 the parties reached a settlement but we are only now able to report on the financial settlement as the husband had tried to keep it confidential. However, the Court did not agree that the details of the settlement should be kept out of the public domain because of the public interest and possible legal importance of the outcome of this case.
The parties agreed that the husband would pay the wife a lump sum of £300,000 in full and final satisfaction of all her financial claims arising from the parties’ marriage.
The Court proceedings had been very expensive for both parties. In December 2012 the husband had been ordered to pay £125,000 towards the wife’s legal costs and he was then order to pay a further £200,000. The court has confirmed that the wife does not have to repay these sums. It is not clear, and it has not been reported, what the parties’ spent in total on their legal costs but clearly it was a vast amount.
This case highlights the importance of having a financial order in place whatever the financial circumstances at the time your marriage breaks down. Without one you potentially risk financial claims being made at any time in the future if your circumstances dramatically improve.
Come and see a member of our family department for advice on how to protect your future.
