Lottery Winner Faces Divorce Pay Out 10 Years After Divorce
The recent case of Nigel Page has illustrated the importance of a Clean Break Consent Order. Mr Page won £56 million on the Euromillions in February 2010. His ex-wife, Wendy Page, made a claim against his winnings 10 years after she left him for another man.
It is believed Mrs Page was initially seeking £8 million, and issued Court proceedings to claim what she believed she was entitled to. Mr Page had offered to place £2 million in trust for their 13 year old daughter, however this was refused and Mrs Page continued to pursue his lottery winnings. Maintenance payments in respect of their daughter rose from £150 per month to £2,000
After receiving the windfall, Mr Page re-married and gifted large sums of money to charities, friends and family. This included Mr Page gifting his £235,000 home in Cirencester, Gloucestershire to his former cleaner. It is believed he was considering making a generous gift to his former Wife of up to £1million pounds.
Mr Page settled the case out of Court by agreeing to pay his x-wife £2M.
The reason that this situation arose was because when they divorced, the couple failed to prepare a Consent Order which included a Clean Break clause. A Clean Break means that neither party will have any future claim upon the other, either in life or death.
Without a Clean Break, you will be effectively leaving the backdoor open for claims to be made. You leave yourself venerable to claims against your income or assets which you have accrued after the breakdown of the marriage. There is no time limit on when such an application could be made, even death does not prevent a claim on your estate.
Linda Jones, Head of the Rugby Family Department says ”that this is a perfect example of why you should always take professional legal advice when getting divorced to ensure your financial future is protected against any further claims. It may be tempting to opt for the cheaper option of “On-line Divorces” or DIY divorces but in the long run the cost to you could be significantly more than the cost of the clean break order. Mr Page’s case is a warning against ‘do-it yourself’ divorces where finances can often be forgotten.”
If you are getting divorced you should ensure that the financial aspect of your marriage is also brought to a conclusion, or you too may find yourself in a similar situation to Mr Page in 10 years time.
If you are already divorced, think back to the financial settlement you reached at the time. Is this agreement recorded anywhere? Do you have a valid Consent Order? Is there a Clean Break?
At Brethertons we have a strong legal team, and our Family Department can offer you advice specific to your case and any financial agreement you may have reached, often for a fixed price. If you are unsure whether your Consent Order has a Clean Break, why not arrange a consultation with one of our experts to find out where you stand.