Dealing with Divorce
Mrs Evans (all names have been changed): Mrs Evans was a referral from an existing client as she was going through an acrimonious divorce where the primary asset of the divorce was the family home. This home had significant structural problems but her husband was insisting the family home should be sold. He was also being very difficult regarding the terms of ongoing maintenance payments to their two teenage children.
After four years of argument and significant legal fees, both parties agreed to enter financial mediation with Heron House in order to obtain an agreement. It was clear that the best solution was for the children and their mother to remain in the family home once underpinning had been completed to deal with the property’s structural issues. The appropriate split of matrimonial assets, however, meant that the husband wanted to retain 15% of the value of the family home upon completion of the works. This was completely unacceptable to Mrs Evans as she wanted a “clean break” and no future financial relationship with her estranged husband.
Following many discussions and deliberations an agreement was finally put in place whereby the contentious portion of matrimonial assets was recommended to be placed in Trust for the benefit of the children. This created a clean break as the property ownership after the divorce was to be owned only by Mrs Evans and their children and no outstanding financial arrangement to continue between husband and wife, which was the primary sticking point throughout all of the legal negotiations. This solution allows all parties to move on financially and personally in an affordable and realistic manner whilst also maintaining the desired lifestyle of all those concerned for the foreseeable future. The legal advisers in this instance were not concerned about dealing with the appropriate lifestyle issues that were of primary importance to all parties.
Once the divorce was granted an appropriate financial plan was developed for Mrs Evans to ensure she retains her financial independence and is able to provide for her children over the longer term.