The sky’s not the limit for financial settlements in divorce
When it comes to financial settlements in divorce proceedings, what needs to be remembered is that all assets in joint names together with all assets in either party’s sole names will be seen as matrimonial assets and can form part of an overall financial settlement.
This fact was brought into focus in a recent case that will be heard by the High Court next week. In this case, the Husband is seeking to exclude a ticket he bought for Sir Richard Branson’s first Virgin Galactic space flight that is hoped will occur in the next few years.
The husband’s argument is that the ticket is already paid for and is in his name so should therefore be excluded from any financial settlement. The wife’s counter position is that there is the option of getting a full refund on the ticket at any point up until the date of the flight and, given the cost of the ticket was some £160,000 this should be factored into any financial settlement.
Whilst it remains to be seen exactly how the Court will deal with this asset, my view is that given that the face value of the ticket can be refunded at any time; I anticipate the wife will be successful with her argument that the ticket should either be cashed in or, at least, it should be included as part of the Husband’s share of the matrimonial assets.
However, watch this space….(sorry, I couldn’t resist).
Should you need any family law advice, please do not hesitate to contact Gavin Henshaw on 01494 773377 or alternatively on [email protected]