Clean Break for UK Business Man Living Overseas
29 May 2015
Slater and Gordon Solicitor Claire Reid was instructed by a successful businessman living overseas, to sever all ties with his former wife and secure any future value and income stream from his businesses.
Slater and Gordon Solicitor: Claire Reid is a Senior Family and Divorce Solicitor at Slater and Gordon Lawyers in Manchester.
Settlement Value: Undisclosed
Claire’s client ran a number of profitable businesses abroad. They were valued by an accountant, who also assessed the husband’s future income stream from the businesses.
Claire’s client and his former wife had been married for many years, with limited assets in the UK. His wife worked part time and was unlikely to be able to return to work full time.
Claire wanted to ensure financial certainty for her client so that he could be safe in the knowledge that any future growth in his businesses or profit was protected from any claim by his former wife. He was, however, only able to raise a limited amount of capital immediately to pay to his former wife.
How Claire helped: Claire focused on gathering together clear evidence about the risks to her client in retaining the businesses and the lack of available cash. Claire also obtained expert evidence about the complicated tax consequences of her client raising money to pay to his former wife and repatriating it to the UK.
Claire emphasised the advantages to the wife in leaving the marriage with a mortgage-free house and lump sum, and put forward evidence that the lump sum her client could raise was enough to meet the wife’s reasonable income needs, despite her assertions to the contrary and despite her taking less than 50% of the total capital assets.
Claire explored with her client ways of him being able to raise a lump sum to pay to his former wife, enabling him to achieve a clean break.
Decision: Claire carefully negotiated a settlement whereby her client paid a lump sum to his former wife and transferred the family home to her, on an immediate clean break basis.
This arrangement gave Claire’s client peace of mind, allowing him to make plans for the future, safe in the knowledge that any future income or assets generated by him would be protected.
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Friday 29th May 2015
Friday 29th May 2015