Family Law Awards 2020
Shortlist announced - time to place your vote!
Court of Protection Practice 2020
'Court of Protection Practice goes from strength to strength, having...
Jackson's Matrimonial Finance Tenth Edition
Jackson's Matrimonial Finance is an authoritative specialist text...
Latest articles
Resolution issues Brexit notes for family lawyers ahead of IP completion day
Family lawyer organisation, Resolution, has issued two joint notes to assist family lawyers in England and Wales ahead of the end of the Brexit transition/implementation period at 11 pm on 31 December...
Online filing is real-time on New Year's Eve: practice direction change to accommodate EU withdrawal arrangements
I have heard that there will be an amendment to the relevant practice directions to provide that online applications received on New Year’s Eve after 4:30 PM and before 11:00 PM will count as...
Northamptonshire Healthcare NHS Foundation Trust v AB
The issue in this case concerned AB’s capacity to make specific decisions about treatment relating to her anorexia nervosa. She was 28 years old and had suffered with anorexia since the age of...
EU laws continue until at least 2038 and beyond
The UK left the EU on 31 January 2020.  But in matters of law it fully leaves on 31 December 2020.  But EU laws will continue to apply, and be applied, in the English family courts from 1...
Remote hearings in family proceedings – how is justice perceived?
The motion for the recent Kingsley Napley debate:  “This House believes remote hearings are not remotely fair” was carried with a fairly balanced 56% in favour and 44% against....
View all articles

FINANCIAL REMEDIES: B v B [2013] EWHC 1232 (Fam)

Sep 29, 2018, 21:09 PM
Slug : financial-remedies-b-v-b-2013-ewhc-1232-fam
Meta Title :
Meta Keywords :
Canonical URL :
Trending Article : No
Prioritise In Trending Articles : No
Date : Jun 26, 2013, 02:30 AM
Article ID : 102911

(Family Division, Coleridge J, 21 May 2013)

Following divorce the husband and wife reached a financial agreement in relation to assets of £40m, aside from a few remaining issues including, inter alia, who would own a 16th Century castle in Scotland, how the husband's interests in three private equity firms would be shared and how other lesser assets would be divided.

There were no precedents or practices to assist the court in relation to the issue of the castle ownership and in the end the court was no more likely to achieve fairness by tossing a coin. However, the judge decided in favour of the husband because since separation there was an agreement or assumption that while the wife would retain the matrimonial property the husband would retain the castle. They had worked upon that assumption until the wife recently changed her mind. The husband had since looked after the property and visited when he could. To deprive him now without reason would be unfair. What the parties once agreed was fair was more likely to be as fair as any contrary decision imposed by the court. The matrimonial property was worth more than double that of the castle and the wife would be remaining there. The wife would transfer her interest the castle to the husband.

The husband had interests in three private equity firms and the parties could not agree how those interests would be shared. The substantive dispute was whether the wife should be entitled to share in the co-investments and carried interests since separation.

To achieve fairness it was necessary to recognise fully the tension between the fact that the wealth was in part generated by the use of expertise built up during the marriage and in part by the expenditure of effort after the separation. Both elements were important. The wife would receive 50% of all co-investments up to the date of the trial which amounted to approximately £5m. In relation to the carried interests she would receive 50% of one fund and 20% of the other, amounting to approximately £12.5m but possibly much more.

The small differences (as a proportion of the pot) in the value of the yacht, the approach to cars, the credit cards did not merit the time (and costs) spent on them. As the rules now made clear, proportionality was the name of the game when costs were so high and court time was more and more at a premium. A much more rigorous approach to case management (especially in the field of the employment of experts) was being introduced in other areas of the family justice system to save precious time and money. This type of high value litigation could not expect to be immune and parties to it could expect to be confronted more and more by a refusal by the court to participate in these disputes over the lesser assets and where in each case the difference was around 1% of the net value of the pot or less. Assets falling in this category should be bundled up together and an overall value for them all agreed. If not the court was itself likely to apply that system in a broad, even rough and ready, way.


Categories :
  • Archive
  • Judgments
Tags :
Provider :
Product Bucket :
Recommend These Products
Related Articles
Load more comments
Comment by from