X v X (application for a financial remedies order)

X v X (application for a financial remedies order)

The trusts are a resource available to the husband to the extent of 50% of their value, as the trustee would likely advance capital if requested. A notional 8% discount is applied to the value of company shares to reflect market realities. The husband's pre-marital and post-separation contributions justify a reduction from equal sharing, but not a needs-only approach. The wife is entitled to 37.5% of the net assets, which meets her reasonable needs.

Parties
Applicant: X; Respondent: X
Jurisdiction
England and Wales
Judgment Date
26 July 2016
Procedural Posture
Financial Remedy (divorce) / Final Judgment
Outcome
Application granted in part; financial remedy order made.
Legal Topics
Financial Remedies, Matrimonial Property, Trusts as Resources, Share Valuation Discounts, Special Contribution, Needs Vs Sharing Principle
Family Law Financial Remedies Matrimonial Property Trusts as Resources Share Valuation Discounts Special Contribution Needs Vs Sharing Principle

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Parties

X

Applicant

X

Respondent

Procedural Posture

Financial Remedy (divorce) / Final Judgment

Legal Issues

  1. 1 Whether discretionary trusts are a resource available to the husband for the purposes of financial remedy
  2. 2 Appropriate discount to apply to the value of company shares for division
  3. 3 Whether the husband's contributions justify a departure from equal sharing

Ratio Decidendi

The trusts are a resource available to the husband to the extent of 50% of their value, as the trustee would likely advance capital if requested. A notional 8% discount is applied to the value of company shares to reflect market realities. The husband's pre-marital and post-separation contributions justify a reduction from equal sharing, but not a needs-only approach. The wife is entitled to 37.5% of the net assets, which meets her reasonable needs.

Court Disposition

Application granted in part; financial remedy order made.

Orders

  • The wife is awarded a lump sum of £13.854 million, representing 37.5% of the net assets as calculated.
  • Payment to be made in two instalments: £7 million by 26 October 2016 and £6.854 million by 20 January 2017.