W&F Issue 6 2018

www.wealthandfinance-news.com 28 Wealth & Finance International - Issue 6 2018 There are an estimated 446,000 horse-owning households in the country and three quarters (74%) of riders are female. According to the British Equestrian Trade Association (BETA) in 2015 there were an estimated 962,000 female regular riders compared with 348,000 males. Lyn Ayrton of Lake Legal said: “In divorce cases where a horse is involved, arguments often revolve around upkeep costs – which can run into thousands every year – as well as the ownership of the horse itself. The annual cost of keeping a horse is estimated at around £3,600. “The cost of maintaining horses was a significant factor to feature in a newsworthy divorce case several years ago* which cast doubt over the right of wives to live off their former husband’s wealth for life. In the majority of these cases, husbands see the horse as a luxury and not a necessity but the wife might hold a very different view, which is where problems can arise. Lake Legal say that for couples who are wealthy enough not to worry about the bills this isn’t a big problem, for other less well-off couples’ discussions about the amounts needed to pay for a horse can be a huge hurdle to a settlement being reached. Added Lyn: “Paying for items such as livery forms part of the maintenance element of a settlement and can be a hefty proportion, especially when moderate incomes are involved. As with school fees, the whole area around horses and the associated costs adds to the income requirement. It boils down to whether or not there is the financial ability to cover reasonable needs and the court will take a view of what those needs are. “It’s sometimes much harder to reach an agreement for a couple who have always had horses and even stables of their own, than for a couple who have had horses for only a short while, as horse ownership has become much more an integral part of the couple’s lifestyle for the much of the time they’ve been together. One particular case we encountered involved a couple who had actually bought a bigger house with stables after which the wife set up a small livery business to fund some of the costs. When faced with divorce it’s necessary to be both flexible and realistic – there then remains a chance that a horse can be kept providing the costs are manageable. Lake Legal has produced the following tips for horse owners when getting divorced: • Plan - investigate whether an existing outbuilding can be converted to stables to cut down on livery and other expenses. • Livery costs – a move may be hard to contemplate but look around to find which livery offers the best value for money. • Share the expense with someone in a similar position? It may not appeal at first but if others are involved which makes the costs entirely more manageable there is a long- term benefit. • Are children involved? If so then proceed with caution as conflict surrounding horses bought for children can result in even more heated arguments. • Horse ownership has to be affordable. If you can show a strategy that works to keep costs down this plays well all around, especially in court. Who Pays for the HorseWhen Couples Divorce? Paying for the upkeep of a horse is increasingly becoming a bone of contention for divorcing couples, according to a leading family lawyer. “If you can show a strategy that works to keep costs down this plays well all around...”