Shared Finances In Short Marriages: A Case Study

Laws on matrimonial finances are pretty clear; the finances are shared equally in most cases. In case of divorce, both parties walk away with half of the shared wealth, considering that financial and emotional contributions are made from both sides.

However, this is not true for short marriages. Most cases were dealt the same way, until recently a case was taken to the appeals court. Let’s look into the case further and the implications of the decision taken by the Court of Appeals.

The case of Sharp vs. Sharp

Both Mr. and Mrs. Sharp got married in their 40s and spent 4 years together. This was a short, childless marriage in which both parties had established careers.

Moreover, both were earning almost the same amount when they first met. Later, Mrs. Sharp’s career took off and she earned almost all the wealth.

The trial judge had awarded Mr. Sharp £2.7M while Mrs. Sharp was only willing to offer £2M. She appealed that she should not be expected to share her wealth equally as the marriage was short and all the wealth was earned virtually by her alone.

Decision taken by the Court of Appeals

Mrs. Sharp made it clear that the separate wealth had not been shared between the two parties. There were no joint accounts or matrimonial properties shared among them. Hence, the distinction was clear between what’s shareable and what’s not.

The Court agreed to the fundamental point of appeal. The three judges leading the session ruled that Mr. Sharp will only receive £2M slice of the £5.45M worth of fortune after their short and childless marriage.

While the Court of Appeals upheld Mrs. Sharps’ appeal, it also highlighted that the facts of this particular case made the decision an exception.

Approach to short marriages

There is no legal definition of a ‘short marriage’, however, the courts are supposed to regard the length of the marriage in most trials.

While significant contributions are made even in short marriages, longer duration does increase the contribution of each party to the relationship.

Equal division is often more fair in case of longer marriages. Moreover, matrimonial and joint properties are easier to divide among the two parties. Complexities start when it comes to non-matrimonial properties, finances gained before the marriage and finances gained after marriage by a single person.

Our expert divorce solicitors are here to ensure that all your finances and properties are divided fairly, depending on the extent of contributions you’ve made. In addition, we also offer legal counsel and services for children custody and domestic violence cases.

Get in touch with us today or visit our website for more information.