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Matrimonial Agreement Casestudy

Case Study of a Matrimonial Agreement

About This Case

Our client came to our office to discuss her options in respect of the financial arrangements following the breakdown of her marriage.
Matrimonial LawMatrimonial Financial settelment
Time Frame9 Months

The matrimonial assets included the former matrimonial home, an investment property and some savings.  There were 2 children of the marriage under the age of 18.

 

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Challenge

One of the main assets in the marriage was the former matrimonial home.  This property was jointly owned with significant equity.  The starting position in respect of ownership of the property is 50/50, but we could make the argument she is entitled to a larger share than her husband.  Our client wanted to remain living in the property with their kids but did not have the requisite funds to buy out her husband.

Our Process

1. Initial consultation

Our client met with our team for an initial free consultation.  We took full details re the matrimonial assets, her finances and provided advices regarding her options.

2. Contact with husband

We wrote to the husband, advising him we were acting for his wife in respect of a matrimonial agreement and asking him to make contact with a solicitor. 

3. Discovery

We gathered in full disc0very of all relevant financial assets and income.  Once gathered in we exchanged our financial documentation with the solicitors for the husband.  Joint valuations of the properties were carried out.  

4. Discussions

After receiving in the husband’s discovery, discussions began.  These discussions led to a joint consultation where a final settlement was agreed.  

5. Matrimonial Agreement

Following the verbal settlement, we drafted a matrimonial agreement which was then executed by both parties.  

Result

During discussions we were very much focused on our client retaining the matrimonial home.  Financial enquiries were carried out with a financial advisor to ascertain if she could take on the mortgage of the property on her own.  At a joint consultation a settlement was agreed, whereby the husband renounced any rights he had over the former matrimonial home and our client agreed to sign over her share of the investment property to her husband.  Our client was very satisfied with the settlement, especially as it allowed her to remain living in her home with her children. Our client felt it was very important that her children would not have to move to a new house. 

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