FB v PS

FB v PS

The TS Trust is a resource of the Husband and should be treated as such for the purposes of asset division. Both parties made equal contributions to the marriage and the business, but the unmatched contribution of AR by TS justifies a departure from equality. The appropriate approach is to remove the majority of AR's value from the matrimonial assets before equal division. The Wife is awarded MP, a lump sum, and a clean break, with her claims dismissed upon payment.

Parties
Applicant: FB; Respondent: PS
Jurisdiction
England and Wales
Judgment Date
30 July 2015
Procedural Posture
Financial Remedy (matrimonial) / Final Judgment
Outcome
Application allowed in part; financial remedy order granted.
Legal Topics
Financial Remedies, Matrimonial Property, Trusts, Asset Division, Nuptial Settlements
Family Law Financial Remedies Matrimonial Property Trusts Asset Division Nuptial Settlements

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Parties

FB

Applicant

PS

Respondent

Procedural Posture

Financial Remedy (matrimonial) / Final Judgment

Legal Issues

  1. 1 How should the assets of the TS Trust be treated for the purposes of financial remedy?
  2. 2 Is there justification for departure from equal sharing of matrimonial assets due to unmatched contributions?
  3. 3 What is the correct quantification and division of the parties' assets, including property and loans?

Ratio Decidendi

The TS Trust is a resource of the Husband and should be treated as such for the purposes of asset division. Both parties made equal contributions to the marriage and the business, but the unmatched contribution of AR by TS justifies a departure from equality. The appropriate approach is to remove the majority of AR's value from the matrimonial assets before equal division. The Wife is awarded MP, a lump sum, and a clean break, with her claims dismissed upon payment.

Court Disposition

Application allowed in part; financial remedy order granted.

Orders

  • MP to be transferred to the Wife at a net value of £5,850,000.
  • Wife to receive a lump sum of £2,169,291, payable within two months.