The Court of Appeal left solicitors with more questions than answers recently after ruling that factors such as a dual-career/income, separate finances, no children and a short marriage can be ample evidence to depart from the long standing principle of equal sharing on divorce.
The duration of Mr and Mrs Sharp’s marriage was approximately 6 years (including the initial period of cohabitation). The couple had similar incomes of roughly £100,000 per annum, however, Mrs Sharp received bonuses totalling approximately £10.5m during the course of the marriage. The couple kept their finances separate and even split their outgoings. Mr Sharp was not aware of the amount of bonus his wife received. Mr Sharp was deemed not to have contributed either in a domestic or business sense to his wife’s bonus and as a result received a settlement of £2m; just under a third of the parties’ total assets.
The decision in Sharp v Sharp suggests you may not have to share all assets accrued during your marriage with your spouse/civil partner. Of course such a decision perhaps leaves more questions than it answers; how long is a short marriage? Would the decision have been different if Mrs Sharp shared her bonuses? As with all cases, the decision here is fact specific.
At Breeze and Wyles Solicitors Ltd, our expert family lawyers in Essex, Hertfordshire and North London can advise how best to protect your assets at the outset with a pre-nuptial agreement and/or post nuptial agreement. In the event you face a divorce without such an agreement, we are able to guide you through the process at every step towards a fair settlement.
If you are arranging your finances with your spouse, civil partner or ex-partner, contact the family team on 01992 558 411 for help and advice.