Financial needs on Divorce
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By Sue Wardropper, Holmes & Hills Solicitors In the recently reported case of Juffali in the High Court in England a wife stated that her needs amounted to £196.5 million in order to maintain her lifestyle. Included within this vast list of needs was £1 million to cover her clothing budget as well as the essential sum of £320,000 to cover the cost of spending October half term at the Ritz in Paris. The wife was eventually awarded £53 million to meet her needs. When I first learnt about this case I initially thought there was little I could gain from it given that the figures far exceed those of the usual household budget in England, however, it turned out that there were a lot of similar facts in this particular case to cases I have dealt with over the past 21 years as a Family Solicitor. The parties had been married for 12 years and the couple had one school age child. The wife had given up her career on marriage and was seeking a clean break by way of a lump sum payment from her husband. The factors the court was required to consider were exactly the same that every family court is required to take into consideration when considering how the matrimonial assets should be divided on divorce with first consideration being given to the welfare of any minor children. One of the factors the court has to address is the parties’ respective needs. The most common needs in the majority of cases are housing and income needs. Parties can easily become worried about whether they will be able to cope financially or be able to afford a home for themselves and their children following separation. The first step is for each party to set out their reasonable needs, which a solicitor is able to assist with. It is important for the list of needs to be realistic and for consideration to be given as to whether it is possible for the parties to achieve independence in the future. In the case of Juffali it was made clear that needs in any given case has to be assessed by reference, amongst other items, to the standard of living enjoyed by the parties immediately prior to the breakdown of the marriage.  In a great many cases it will be difficult for both parties’ reasonable needs to be met as the needs need to be measured against the assets actually available for division between the parties. If there isn't enough to go around then a compromise must be found. If you need to speak to one of our Family Law solicitors about needs or any other family matter then please give us a call on 01787 275275.
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