We reported in an earlier newsletter about Dale Vince the green energy tycoon. Mr Vince hit the news in 2015 because his ex-wife was given leave to re-open her divorce settlement some 20 years after the decree absolute.
The couple married in 1981 and lived life as 'new age' travellers. The couple split in the mid-1980's and the divorce was finalised in 1992.
It was only after the divorce that Mr Vince's entrepreneurial skills came to the fore and he built up a highly successful eco business. It is only at this point that his ex-wife tried to claim £1.9m of his fortune. Mr Vince has reluctantly agreed to pay his wife £300,000 to settle the claim but has said that; 'There clearly needs to be a statute of limitation for divorce cases - a time limit for cases beyond which a claim cannot be made. Such a thing exists in commercial law for good practical reasons'.
This is an unusual case and settled before a final decision could be reached by the court. However it highlights the importance of ensuring that you have detailed legal advice at the time of your divorce to try to minimise the risk of a case being re-opened after the decree absolute.
To discuss this or any divorce related matter, contact us.