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Financial proceedings following the breakdown of clients marriage
03 May 2011
We acted for a Police Officer in financial proceedings following the breakdown of his marriage.
The marriage had been for the duration of five years with two years cohabitation prior to the marriage. There were no children born to the parties.
The Husband had owned the former matrimonial home prior to the marriage and whilst there was equity in the property in the region of £50,000.00 the Husband was not in a position to raise funds to provide a lump sum to the Wife.
The Husband sought to retain the former matrimonial home and in particular he wished to try and keep his pension income intact.
After negotiation it was agreed that the Husband would pay the Wife a lump sum upon his retirement. His estimated lump sum at retirement was in the region of £110,000.00 and it was agreed that the lump sum to the Wife would be £25,000.00. This meant that the Wife had some capital at the time of the Husband’s retirement (which was within 12 months). Furthermore, whilst the Husband had foregone some of his lump sum he retained his pension income for the remainder of his life.