A FINANCIAL STATEMENT
IT IS EASIER TO WRITE IT DOWN
· You may not be asked to write a statement about finances.
· But financial matters can be complicated and it may make everything clearer in your mind if you write a detailed statement. You can use the statement as a note to remind you of what to say at a court hearing.
· You should send a copy to the court manager, your solicitor and your wife's solicitor.
AS SHORT OR AS LONG AS YOU LIKE
· You can make your statement short if you want to. It can just refer to the financial declarations that you and your wife have made and say how you think assets should be divided.
· Or, you can put in as many relevant details as you want to.
These can include :
i) The background of the divorce and your financial situation.
ii) Details of your children. (If your wife takes your children, she will demand much more of your assets and future income to provide for them.)
iii) Your needs for the future and your wife's.
iv) How you think assets should be divided.
v) Your comments on your wife's demands.
· See the example of a detailed statement on the next page.
1. This divorce is the result of my wife’s desire to desert me and find a new life for herself. I have been glad to see Christine recover from her anxiety disorder over recent months. Her energy and vigour have returned and she is no longer receiving treatment. However, something decent inside her has died and she no longer cares for her family as she once did. Christine’s divorce petition was based on false accusations and she is now presenting an untrue picture of her future accommodation needs and ability to maintain herself. Her primary motive for this deception is material gain, both at my expense and, indirectly, at the expense of our children.
2. Our 4 children are
: Edward (18), Suzy (17), James (15)
and Larry (12). Edward will leave home
in October to go to
3. Larry is a sensitive boy and is the youngest and most vulnerable of the children. He is recovering from the recent death of his grandfather, who he was very fond of. With the pressures from the break-up of his family, he has been diagnosed as suffering from depression. He has said consistently for more nearly a year that he will live with his father after the divorce. The residence hearing 3 months ago at the London Family Courts was resolved so that he can do so.
4. James has a non-specific food allergy that causes irritating rashes and concentration lapses. He will be taking his GCSEs this year and, if his grades are adequate, will make a brave attempt at A levels. James has had great difficulty in coming to terms with his mother’s intention to break-up his family and in deciding which parent he will live with. Christine has said “James is floundering between us.” It is selfish and cruel of his mother to encourage him to say that he welcomes leaving his home now.
5. James’s current proposal is that he will find accommodation of his own and live with 16 and17 year old friends. As his father and the only psychologically stable adult in his life, I think that this would be disastrous for him and his future would be bleak. Commune life would put an end to his education and lead him into all sorts of other dangers. What he needs for the next 3 or 4 years is the safety net of a stable and disciplined home where he can recover from the turbulence that he has lived with in the recent past. If Suzy, Larry and I stay in our home, then I have no doubt that James will be glad to remain with us until his education is complete.
6. Suzy is mature for
her age and takes an adult interest in the welfare of her younger
brothers. She agrees with me that it is
best for them that they stay in the home where they feel secure. Suzy intends to study Product Design at a
7. My ability to sustain our home for the children depends on my wife’s financial demands not being excessive. I therefore propose that I obtain a bank loan for several years, of £90,000, to be paid to my wife so that she can buy another property to live in by herself. (I have made enquiries with lenders and this is viable.) My wife has not made any contribution to the purchase of our present home over 19 years, despite often having the means to do so and sometimes seeing me in financial difficulties. I think that this settlement is fair.
8. Christine is now free to work full-time and can do so without difficulty. She has demonstrated this by taking a part-time job while looking after her family and helping a local charity. When her domestic responsibilities are less, she will have the time and energy to increase her earnings. She is, however, holding back at present to give a false impression of future hardship.
9. I think that Christine will find herself living alone after the divorce. Edward will be away studying engineering, which will permit only short, infrequent visits home. Suzy, even if she were persuaded to join her mother initially, would soon return to her brothers. Larry has always been adamant that he will live with his father and James will follow suit.
10. Christine has for
most of the past 12 months said that she will go to live in
11. I have kept my
family and our home together for many years under difficult conditions. The children and I stood by Christine when
she was ill and we do not deserve what she is doing to us now. My wife’s present financial demands are
greatly in excess of what she needs or what I can accept. I have said to Christine that I will appeal
against any decision which does not allow me to sustain the family home - even
though this might take us to the
12. It is important that the continuing damage to my children by my wife’s divorce is stopped as soon as possible. The special circumstances of my family deserve special consideration. I trust that it will be possible to resolve this unhappy affair satisfactorily for us all at the hearing on 18 April.
My proposals for the financial settlement are :
13. My property is the family home which is in my name. My wife and I have both made an equal contribution in money’s worth to the home but I alone have paid for it over 19 years. During the whole of this time, my wife has persistently refused to make any contribution to the monthly mortgage premiums or the household bills, despite having the means to help.
14. The home has been recently valued by an independent valuer at £300,000.
The home has also been valued by various local estate agents at between £250,000 and £350,000 (giving an average of £300,000).
There is a mortgage on the property of £70,000.
15. I propose that the home should remain my property, together with fixtures, fittings, carpets and curtains.
I will obtain a loan of £90,000 to give to my wife as the basis for a clean break. She has 25 years of full time employment in front of her and will be able to finance a mortgage of £80,000. This will allow her to buy another property for herself where the children can visit her. It is a misleading falsehood for her to claim that she is now not able to work full time.
Furniture and Household Items
16. I think that it is fair that all furniture and household items be divided equally between my wife and me. We may need a valuation of the main items before we do this. I do not foresee any difficulty but we more time for discussion and this cannot be resolved in Court on 18 April. We will send a list, signed by both of us, to the Court soon.
17. I have an occupational pension from Composite Chemicals PLC and my wife has one from the Acumen Entertainment Ltd.
Although the current valuation of my pension is larger than hers, she is younger than I am and has many years in which to build hers up. Therefore, none of my pension should be taken for her.
18. My wife has her car and I have mine.
No change is needed.
19. My wife is barely halfway through her working life and has a greater future earning capacity than I have :
She will earn a gross income of £30,000 pa for the next 25 years - giving a total earning capacity of £750,000.
I have a gross income of £35,000 pa until I retire in 11 years time - giving a total earning capacity of £385,000. (This may be substantially reduced by health concerns.)
My wife’s assertion that she cannot earn more than £15,000 pa is simply untrue. She now has the energy and time to pursue her career in the entertainment industry and I attach a copy of current pay scales. Christine also has experience of managing a personnel agency. Therefore, she may well have the opportunity to earn substantially more than £30,000 pa in the future.
20. I do not seek any maintenance for myself from my wife and she does not need any from me. She is a woman with a lot of experience in different occupations and is now well able to work full time to maintain herself. All my resources will be deployed to maintain the home and family that my wife is deserting. I have, over the years, earned some respite from this lady’s demands.
Any child support issues may best be left to the Child Support Agency.
Savings and Investments
21. I have none, except £30 in the Post Office and £110 in the Solid Rock Building Society.
COMMENTS ON WIFE’S FINANCIAL PROPOSALS
22. My wife’s divorce petition was founded on false claims and her present financial demands are also dishonest. She is now understating her future earning capacity, denying her future opportunities for increasing her pension and greatly exaggerating her future accommodation needs.
My comments on my wife’s financial demands (received in a letter) are :
23. My property is the family home which is in my name and which I alone have paid for over 20 years. My wife has always refused any contribution to the cost of either buying the home or the monthly household bills despite often having the income to do so.
My wife’s claim that the property is worth £360,000 is greatly exaggerated :
The independent expert valuer said that it was worth £300,000.
Various local estate agents have valued it at between £250,000 and £350,000 - also giving an average of £300,000.
I suspect that the true value is a little less.
My wife’s claim that she needs a 4 bedroom property to accommodate her and 3 children is not true. Christine will almost certainly be living by herself for most of the time. Edward will be studying engineering in Pontypridd and making short infrequent visits. Suzy, if she attempts to live with her mother, will not do so for long. Larry has been adamant from the beginning that he will live with his father - and so will James.
I have offered to obtain a loan of £90,000 to give to my wife. She is able to work full time and, with an income of £30,000 pa, will have no difficulty in obtaining a mortgage of £80,000 to buy a comfortable home.
24. My wife has complained that I have spent all the small legacy of £16,000 that I received just over a year ago. I have given a detailed schedule of the expenditure of this money in a letter to my wife's solicitor. This demonstrated responsible use of the money, for the benefit of my family: holidays, clothes, a computer, treats for the children and extra household expenditure.
In the difficult circumstances into which my wife has forced us, the money could not have been spent better. It is absurd for my wife to demand that the money should be deemed to still be mine.
25. My wife has had constant encouragement to build a bigger pension - but despite a
generous income for many years has fecklessly preferred to spend money. This means that she has lost a large amount in employers’ contributions. There is no reason why her extravagance should be rewarded by giving her some of my pension as she demands.
26. My wife has recovered from her recent illness. She has regained her capacity to work full time and, as a member of an established profession, is able to earn at least £30,000 pa. She is at present holding back on work to give the Court a false impression of her earning potential. This is not honest.
27. The only savings that I have now are £30 in the Post Office and £110 in the Solid Rock Building Society.
Demands for Money
28. The demand for
60% of my property is grossly unreasonable.
I am over 54 years old, with at most 11 years left to work. My wife has 25 years before she is required
to retire and has a substantially greater future earning capacity than I
have. (Hers is £750,000 gross and mine
is at most £385,000.) I have told my
wife that such demands could take us to the
It is also absurd to expect me to take on a mortgage of £90,000 at the age of 54.
29. In view of my wife having a much greater future earning capacity than I, it is not appropriate that I should be required to pay her maintenance in the future. I will have children and their home to support - her monthly expenditure will be much less and her own income ample for her needs.
There is therefore no case for giving her a nominal maintenance order so that she can demand money from me in the future. Such a measure would remove any incentive that she has to provide herself with a pension and act with financial responsibility. She is fully able to provide for herself in the future and I have earned the right to be free of such a burden.
30. I have explained above that it is probable that my wife will live alone in future.
Edward (18) will be in Pontypridd and is an adult. Any support for him is a private matter for discussion between him and his parents. Suzy, James and Larry will live with their father.
Ian Tyler 11 October 2007
Copied to wife's solicitor.