K v L [2010] EWHC 1234 (Fam) (13 May 2010)

K v L [2010] EWHC 1234 (Fam) (13 May 2010)

Given the wife's inherited wealth, the long but modest marriage, and the absence of joint contribution to asset growth, fairness is achieved by meeting the husband's needs fully and generously, not by equal sharing. The husband's reasonable requirements are more than met by a lump sum of £5 million, which is not to...

Source-derived case information.

Citation
[2010] EWHC 1234 (Fam)
Parties
Applicant: K; Respondent: L
Jurisdiction
England and Wales
Judgment Date
13 May 2010
Procedural Posture
Ancillary Relief (financial Remedy) Following Divorce / Final Hearing
Outcome
Application granted in part; lump sum order for the husband.
Legal Topics
Ancillary Relief, Division of Inherited Assets, Matrimonial Causes Act 1973 S.25, Needs Vs. Sharing Principle, Treatment of Inherited Wealth, CGT in Financial Remedy Proceedings
Family Law Ancillary Relief Division of Inherited Assets Matrimonial Causes Act 1973 S.25 Needs Vs. Sharing Principle Treatment of Inherited Wealth CGT in Financial Remedy Proceedings

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Summary, issues, holding and outcome

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Parties

K

Applicant

L

Respondent

Procedural Posture

Ancillary Relief (financial Remedy) Following Divorce / Final Hearing

Legal Issues

  1. 1 Appropriate treatment of inherited wealth in ancillary relief
  2. 2 Extent of sharing principle where assets are inherited and pre-marital
  3. 3 Assessment of needs versus sharing in long marriage

Ratio Decidendi

Given the wife's inherited wealth, the long but modest marriage, and the absence of joint contribution to asset growth, fairness is achieved by meeting the husband's needs fully and generously, not by equal sharing. The husband's reasonable requirements are more than met by a lump sum of £5 million, which is not to be increased by reference to the sharing principle.

Court Disposition

Application granted in part; lump sum order for the husband.

Orders

  • Wife to pay husband a lump sum of £5 million (or as per agreed formula) offshore, post-decree absolute.
  • Wife to pay husband's reasonable legal costs of the ancillary relief application.