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News & Articles

Osborne Morris & Morgan > News and Articles > Family > Ex-husband left penniless in settlement decision

Ex-husband left penniless in settlement decision

Posted on 1 Apr 2016, in Family

A couple who squandered most of their multimillion pound fortune is due to attend a further court hearing after the ex-wife was awarded all of their remaining assets in a divorce settlement worth over £500,000. The judge hearing the case admitted that his ruling was unusual, and couples in Bedfordshire may not be surprised to learn that the ex-husband is taking the case to the Court of Appeal.

The man’s ex-wife was awarded all of the couple’s assets after a judge decided that this would be in the best interests of the couple’s three children. Their mother had given up her career to be a housewife and after the 25-year marriage was not expected to be able to earn a substantial income. He said that his main consideration was to provide the children and their mother with a family home and that all the parties concerned would need to reassess their lifestyle in line with their current situation.

The ex-husband is a senior officer in a software company and the couple was worth several million pounds before their lavish lifestyle drastically reduced their wealth. They had bought two houses worth millions, sent their children to private school and, in spite of mounting debts, continued to live beyond their means. The businessman has not only been left penniless after the settlement ruling, but is also facing a suspended prison sentence after he refused to pay a further £77,000 in maintenance to his ex-spouse.

he length of a marriage and the standard of living that a family enjoyed during this time are taken into consideration when a court rules on how the marital assets will be divided after a separation. A solicitor who has dealt with financial settlement disputes may be able to offer valuable legal assistance to a spouse who is seeking advice regarding property division.


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