AF v MF & Ors

AF v MF & Ors

The assets held in the X Foundation, while not a sham, are a resource available to the Husband to the extent permitted by the by-laws, and up to £6.1 million can be made available to him for housing and lifestyle. The court cannot transfer assets owned by the Foundation to the Wife but must take into account the benefit and resources available to the Husband through the Foundation. The matrimonial home must be sold, and the Wife will receive the net proceeds after discharge of certain debts. Maintenance is awarded to the Wife based on equal division of net income, with the possibility of a clean break if a lump sum is paid. The transfer of shares to the CW Trust was not found to be for...

Parties
Applicant: AF; First Respondent: MF; Second Respondent: OF; Third Respondent: AB
Jurisdiction
England and Wales
Judgment Date
20 October 2016
Procedural Posture
Financial Remedy Application (matrimonial) / Final Judgment
Outcome
Financial remedy granted; division of assets and maintenance ordered.
Legal Topics
Financial Remedies, Trusts and Foundations, Matrimonial Property, Variation of Settlements, Maintenance, Asset Division
Family Law Financial Remedies Trusts and Foundations Matrimonial Property Variation of Settlements Maintenance Asset Division

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Parties

AF

Applicant

MF

First Respondent

OF

Second Respondent

AB

Third Respondent

Procedural Posture

Financial Remedy Application (matrimonial) / Final Judgment

Legal Issues

  1. 1 Whether assets held in the X Foundation are a resource available to the Husband for the purposes of financial remedy
  2. 2 Whether the transfer of shares to the CW Trust was intended to defeat the Wife’s claim
  3. 3 The extent of the parties’ interests in various properties and companies

Ratio Decidendi

The assets held in the X Foundation, while not a sham, are a resource available to the Husband to the extent permitted by the by-laws, and up to £6.1 million can be made available to him for housing and lifestyle. The court cannot transfer assets owned by the Foundation to the Wife but must take into account the benefit and resources available to the Husband through the Foundation. The matrimonial home must be sold, and the Wife will receive the net proceeds after discharge of certain debts. Maintenance is awarded to the Wife based on equal division of net income, with the possibility of a clean break if a lump sum is paid. The transfer of shares to the CW Trust was not found to be for...

Court Disposition

Financial remedy granted; division of assets and maintenance ordered.

Orders

  • Order for sale of the matrimonial home; net proceeds (after discharge of Novitas loan and Husband’s outstanding costs) to the Wife.
  • Husband to pay periodical payments of £4,583 per month to the Wife on a joint lives basis, subject to possible clean break if lump sum of £925,000 is paid.