02 April, 2009
Forbes Divorce Solicitors in Lancashire are issuing stern warning to divorcing couples to take care when agreeing their settlements in the current economic climate after a potentially precedent-setting case was thrown out of court.
A husband argued that he should be able to renegotiate his divorce settlement after the credit markets collapsed. This left him half a million pounds out of pocket should he comply with the financial order which stated he would keep the couple's entire shareholding in a company of which he was Chief Executive. His wife took a cash settlement.
Many people are finding themselves in similar situations with the values of assets agreed a year ago having suffered huge depreciation since. The courts are indicating that although this might be the case, there is no going back!
Dawn Baker, a senior Family Law Solicitor advises, "Great care is needed to try and use percentages wherever possible in your divorce settlement and to avoid taking only potentially depreciating assets. These are essential factors that need to be discussed with your Solicitor in these uncertain times."
Forbes family law team is made up of specialist family / divorce solicitors who offer advice on all areas of family law, including divorce, division of assets following marriage breakdown, cohabitee issues, ancillary relief, civil partnerships, children matters and change of name deeds. For further information on family / divorce issues please contact any member of our family law team.