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Articles / Very Helpful tips and help re Divorce / Ongoing Legal Costs To Consider

Ongoing Legal Costs To Consider People who separate often reach an informal agreement with their spouse or partner relating to the division of their property. They feel satisfied that their informal agreement, whether it is reduced to writing or not, will be respected by their former spouse or partner because they think it is legally binding. But this is not the case and it can cost you! Often people learn that years after separation their former spouse or partner can still make a claim on their property even though much of their wealth has been accumulated after the relationship ended. Recently a client came to see us. He had divorced ten years ago when the children of the marriage were nine and seven years old. At the time of the divorce the client and his wife agreed verbally that the wife could remain in the family home with the children until the youngest child turned eighteen years. When the youngest turned eighteen the house would be sold and the proceeds divided equally between the husband and the wife. The husband would pay all household bills and child support. The husband remarried and built up some investments including purchasing two new properties and had a successful business. The youngest child was about to turn eighteen and the wife changed her mind about their agreement. She demanded that the whole house be transferred to her and that she get 4O~ of the husbands current assets. They had not legally formalised their agreement so it was not binding on them. The wife was legally able to make her claim. The Court will take into account the assets of the husband and wife at the date of the hearing, not the date of separation or the divorce. All the assets the husband had built up since he split with the wife ten years before were up for grabs! This is obviously a win for the wife but is it fair and could it have been avoided? The husband could have avoided all of this by entering into Court approved consent orders or entering into an agreement in a form that will be recognised and enforceable by the Court. Court recognised agreements may be entered into before you marry or while you are married. Such agreements should set out how all or any of your assets will be divided if you separate. Click here for Fox & Staniland