Wife achieving over 75% of the proceeds of sale of the FMH at FDR

Divorce & Matrimonial Finance

29 November 2023

Edward acted for a Wife in financial proceedings, obtaining a final settlement for her at the Financial Dispute Resolution hearing (FDR).

The parties had been married for some two decades and had three children together in adulthood or late adolescence. The principal asset in the case was the parties’ former matrimonial home where the Husband still resided. Both parties had pension provision totalling five figures. They also jointly owned an endowment policy which would not mature for another 2 years plus but had an estimated value upon maturity worth approximately worth just under 10% of the Former Matrimonial Home if the policy was maintained. to mature but a possible maturity value could not be surrendered as yet but upon maturity had yet to mature.

It was W’s case that she had previously had a successful career before becoming a full-time mother. She still worked on a self-employed basis but needed to also rely on support from the government. W now had the greater needs than the Husband and those needs had been generated by the parties’ marriage. In divorce, those needs now needed to be met.

The case concluded with the parties agreeing that the Former Matrimonial Home would be sold immediately. The modest debt on Husband’s credit card which was less than 1% of the equity in the FMH would be discharged. The remainder would be divided in such a way that W would receive 76% of the proceeds of sale (75% of the equity) of the Former Matrimonial Home. W did not seek to retain the endowment policy and would transfer the policy into H’s sole name so that H could retain the policy if he so wished. H would pay nominal periodical payments until all the children had reached their majority or completed secondary education. There was otherwise a clean break between the parties.

The order was approved by the learned Judge.

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