wills and probate

Family Law - It May Not be Over When it’s Over

on Friday, 23 March 2012. Posted in News, Wills, Trusts and Probate, Family Services

The recent and much-publicised Myerson divorce case, in which a city tycoon failed in his attempt to reduce the divorce settlement agreed with his wife, after his shareholdings had plummeted in value, may make divorcing couples with joint assets that may be subject to wide fluctuations in value think very carefully about who gets what.
The recent and much-publicised Myerson divorce case, in which a city tycoon failed in his attempt to reduce the divorce settlement agreed with his wife, after his shareholdings had plummeted in value, may make divorcing couples with joint assets that may be subject to wide fluctuations in value think very carefully about who gets what.

A more recent case, which, on the face of it, appears to be similar (and therefore, one would assume, hopeless) is currently before the courts. It concerns a woman who agreed a settlement with her ex-husband in 2007, under which he retained shares in a company that was valued at £800,000. Within months of the settlement, her husband had sold the company for nearly £4 million.

The ex-wife has gone to court to apply for an increase in her settlement. Her argument is that her husband was aware of the improvement in the company's fortunes when the financial settlement was agreed.

If successful, this will not dislodge the rule that variations in asset values after a capital settlement is agreed cannot be a basis for revision of the financial settlement, but it will confirm that settlements can be revisited if it can be shown that one party has failed to provide full information to the other.

Watch this space.

Walkden v Walkden. Reported in the Daily Telegraph, 14 May 2009.

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