Overview

The client wanted to strike a ‘reasonable’ deal with their spouse. This was all about proving what the client could afford to give away and that the spouse was making an unreasonable ‘needs’ request by saying that she and their child needed to stay in a 14 bedroom house.

The client

• Successful solicitor; partner in a law firm
• Married over fifteen years, separated for three years
• One child
• One family estate, with cottages and staff accommodation

Remit

• Construct a detailed, three year financial report
• Construct a detailed future income and expenditure report, taking into account whether the main residence was sold or retained by the spouse post-divorce
• Prove The client’s funds had been fully disclosed
• Isolate capital expenditure e.g. property refurbishment, new cars, pension contributions, ISAs etc
• Illustrate that there was no premeditative financial planning by the client prior to separation from spouse

Issues

• Provide credible and robust reports to prove that there were no funds missing
• Enable solicitor to defend the aggressive position taken by spouse trying to obtain a disproportionate share of assets (75%)
• Client wanted a clean break

Result

• Proved Client’s full disclosure and absence of premeditative financial planning
• Proved the client’s total net worth
• Clearly demonstrated real economies of scale to be made through sale of the family home
• Enabled solicitor to establish client’s justification in retaining 50% of assets

Benefits to solicitor

• The legal team were able to confidently defend their client’s financial position
• Counsel was able to relieve their team from this complex financial reporting

Benefits to client

• Significant saving in legal fees
• Vindication of non-disclosure
• Robust financial reporting enabled the client to make a fair and reasonable offer