Picture the typical family life; spending money on holidays, new car, decorating the home. One spouse may earn more than the other so will spend a little more, one spouse may come into money and decide to treat the family. Whilst everything is bliss, husband and wife continue to spend money on the family life that they have built together and think nothing of it. Then comes the tragic circumstances of a divorce, the realisation that you have spent nearly all your money and you now want it back. But is this possible?
Victoria Richardson, Family Law Solicitor at Jackson Lees, comments:
“It is not uncommon within financial proceedings of a divorce that a spouse will raise the issue of spending throughout the marriage. One party may indicated that they have paid for the kitchen to be refurbished, purchased a new car, bought a new roof or generally paid the day to day running of the family home, whilst the other spouse did not contribute.
When one party has made big purchases within the marriage, they may wish to recoup the money that they have spent when it comes to settling a financial division of assets. However this may not always be the case.
In circumstances where there are enough assets to divide, it may be a valid argument if one party had discharged a debt for the benefit of the other. However, when it comes to purchases that have benefited the family and were utilised for the family i.e. a holiday, a car or the new roof, the arguments become a lot more difficult. If monies are used within the matrimonial finances and not kept separate, it can be considered that both parties had the benefit of the purchases and therefore there is little argument to recover this money.
Parties would also have to consider if there is enough available assets to divide between the parties. A court could not add money back into the “matrimonial pot” if this money does not exist.”
If you are unsure about where you stand with your financial division of assets, we can of course assist you with any queries that you may have. If you would like to talk to one of our specialist divorce law solicitors, please contact our Liverpool and Wirral experts by clicking here for a call back or message us your enquiry.