One lucky couple have recently won £56 million - a half share in the Euro Lottery. But divorce law specialist, Liz Davies at Thursfields solicitors cautions that good fortune can bring problems of its own.
She writes: “After fantasizing about exactly what I would do with such a sum, I noticed that it was reported that the lucky winners were both “divorcees” and had been living together for the last eight years. I did wonder, and for their sakes, hope, that they had both obtained a clean break order in their respective divorce proceedings.”
In divorce law, a “clean break” order dismisses all financial claims that the parties to a marriage may bring against one another as a result of their marriage. A Decree Absolute, which dissolves a marriage, does not dismiss the financial claims which arise as a result of the marriage under the Matrimonial Causes Act 1973. This means that in the future the ex-spouse could at any time issue a financial claim for a share of any money that has been inherited, won or earned. In addition, any asset or property owned by an ex-spouse could be included in that claim. This also covers jointly owned property purchased with a new partner.
Liz concludes: “I advise clients to consider obtaining a “clean break” order even when there are limited or in some cases no assets from their marriage as none of us can accurately predict what may happen in the future. The only other way to dismiss financial claims is to remarry. This in effect terminates any rights to financial relief that the party who remarries had in respect of their previous marriage. You must be aware though that the unmarried ex-spouse may still bring a claim for financial relief against the ex- spouse who has remarried.”
If readers have questions about financial claims arising from a marriage or a divorce, they should seek legal advice, which could prove to be money well spent should they find themselves in the wonderful position of holding a press conference to collect a large Lottery win!
Liz Davies is an Associate Legal Executive at Thursfields – for more details contact ldavies@thursfields.co.uk or call 01562 512402