‘It’s been in the family for years’ is no argument13.10.2010
The argument put forward by a farmer that he should retain the family farm after his divorce, because it had been in his family for generations and his wife was aware that it was the family tradition for it to be handed down from generation to generation, was given short shrift in the family court recently.
The farmer had wanted the value of the farm to be ‘ring-fenced’ and left out of the calculations for dividing the couple’s assets on divorce. However, the judge ruled that there was no legal authority for a division of assets on that basis.
The farmer’s ex-wife was awarded the family home, a lump sum of £1.5 million and annual maintenance payments of £44,000.
The financial arrangements on divorce can lead to long and bitter negotiations in some cases. At Gullands we can help you ensure that you achieve an equitable settlement if your marriage or civil partnership breaks down.
For more information please contact Philip Dimond, John Barrow or Melissa Markham at Gullands.