Wyatt vs Vince Post Divorce Financial Settlement

There is indignation even outrage in the tabloid press and this time it’s not about BREXIT!

It’s about a wife bringing a claim against her husband’s assets some 24 years after they separated and divorced. At the time they were penniless new age travellers. Since then the husband went on to found Ecotricity and own his own football club and for once we are not talking about Mike Ashley but Mr Dale Vince founder of Ecotricity said to worth over 57 million pounds whilst his football club Forest Green Rovers is priceless to its fans but a tad more modest value to everyone else.

The outrage is that his wife Kathleen Wyatt has received a settlement of £ 500,000 even though Mr Vince did not create the company until well after they were divorced. That’s £ 500,000 was £300,000 for her self and £ 200,000 towards her costs. The outrage being why should get a penny all these years later?
Is this going to open the floodgates for every ex spouse to come out of the wood work and try and make a quick buck? Mr Vince described the action like cashing in a very old lottery ticket.

In an earlier decision in this case by the Supreme Court, it held that there was no statute of limitation that applies to financial claims arising out of Divorce. So the Supreme Court ordered that Miss Wyatt’s claim had to go through the normal Financial Remedy proceedings to assess what she was entitled to if anything. In essence the case had to be heard properly under the rules because it could not be statute barred.

The case was referred back to the High Court. However it is important to note that before a Judge could determine entitlement to anything the parties reached their own settlement. So the Press outrage is again just news grabbing headlines with a lack of understanding of the process parliament set for the Judges to follow.
No Judge got to determine whether Miss Wyatt was entitled to anything. Mr Vince negotiated with Miss Wyatt through legal teams to reach a settlement which was subsequently approved by a Judge. I have no doubt neither are happy with the settlement but content that the proceedings are at an end and they can move on.
The outrage should be that the relevant statute needs addressing to time bar claims.

So, if you are going through a divorce, you should ensure that a Financial Remedy Order is approved by a Judge even when everything is amicable and agreed. You should then keep that document with other valuable documents such as birth certificate. Mr Vince stated throughout that there was a financial clean break but could not produce the document because of the passing of time and records being destroyed. Therefore if you are Divorcing get the order and keep it safe because you never know when your number is up or 6 numbers up!

For more information regarding Financial Settlements and Divorce contact Mark Mosley, Director of Family Law on 01772 555 176 or email markmosley@vslaw.co.uk