AC v DC & Ors (No 2)

AC v DC & Ors (No 2)

The wife is entitled to 40% of the parties' net assets, including the former matrimonial home, reflecting mingling of assets, length of marriage, and exclusion of £8m for pre-cohabitation wealth. Reckless expenditure of £4.55m is added back to the husband's assets. Lump sums for the children are refused as unnecessary for their maintenance, education, or training. If the sale of DH does not proceed, the wife is entitled to a transfer of shares equivalent to her award.

Parties
Applicant: AC; Respondent: DC
Jurisdiction
England and Wales
Judgment Date
29 August 2012
Procedural Posture
Application for Financial Remedies (ancillary Relief) / Final Judgment
Outcome
Application granted in part; wife awarded 40% of net assets, lump sum conditional on sale, transfer of shares if sale does not proceed, children's lump sum applications dismissed.
Legal Topics
Financial Remedies, Division of Matrimonial Assets, Pre Marital Wealth, Children's Maintenance, Trusts, Tax Implications
Family Law Financial Remedies Division of Matrimonial Assets Pre Marital Wealth Children's Maintenance Trusts Tax Implications

Case Brief

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Parties

AC

Applicant

DC

Respondent

Procedural Posture

Application for Financial Remedies (ancillary Relief) / Final Judgment

Legal Issues

  1. 1 How should the net proceeds of sale of the husband's shares in DH be divided between the parties?
  2. 2 Should pre-marital wealth be excluded from sharing?
  3. 3 Is the wife entitled to lump sums for the children?

Ratio Decidendi

The wife is entitled to 40% of the parties' net assets, including the former matrimonial home, reflecting mingling of assets, length of marriage, and exclusion of £8m for pre-cohabitation wealth. Reckless expenditure of £4.55m is added back to the husband's assets. Lump sums for the children are refused as unnecessary for their maintenance, education, or training. If the sale of DH does not proceed, the wife is entitled to a transfer of shares equivalent to her award.

Court Disposition

Application granted in part; wife awarded 40% of net assets, lump sum conditional on sale, transfer of shares if sale does not proceed, children's lump sum applications dismissed.

Orders

  • Transfer of former matrimonial home to wife.
  • Husband to pay wife a lump sum of £15m (including value of matrimonial home) conditional on completion of sale of DH to B Ltd.