Huw Jenkins, the former chairman of Swansea City Football Club, is bringing a claim against his former solicitors. Here, Elizabeth Dowler, Solicitor in the Family Team at Mogers Drewett takes a closer look at the case.
‘Mr Jenkins claims that he has suffered a loss of £2.25 million as a result of a divorce solicitor’s advice. He contends that he was advised that in 2011 his finances were not stable enough to reach a financial settlement with his wife.
Fast forward to 2017, and whilst no doubt Swansea City fans were pleased that the club was on its way to the Premier League, Mr Jenkins appears less than happy in terms of the impact of this on his divorce. He had to pay a lump sum of £2.25 million, as well as transferring other assets and paying maintenance, to his ex-wife.’
So, what happens when your fortunes change during a divorce? Elizabeth explains ‘when looking at finances on divorce, the assets will be quantified and a division agreed. The quantification process will include assets acquired prior to the marriage, as well as those which are accrued post-separation. Whilst there can be arguments for certain assets to be ring-fenced, there will be consideration of the parties’ needs and those needs may mean that all assets are available for distribution.
It is also important that people are aware of the fact that until there is a clean-break agreement endorsed by the Court, there is a risk that your ex-partner can still have a claim against you moving forwards, even once Decree Absolute has been granted. As such, even if you have limited assets upon divorce, it is still key to seek a clean-break order from the Court to protect from an ex-spouse’s claims.’
For further information about the division of assets during separation please contact the Family Team on 0800 5335349.