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
Hundreds of thousands of companies worldwide fall victims to hackers every year. Is your firm one of them?
SPONSORED CONTENT Image source: Information is beautifulYou and other lawyers and legal assistants in your firm likely have accounts on the hacked websites listed in the image above. If a hacker...
New complaints handling guide offers advice to local authorities
The Local Government and Social Care Ombudsman is today issuing new guidance on effective complaint handling for local authorities.Based on previous documents, the new guide offers practical,...
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...
Family Law Awards winners announced in virtual awards ceremony
The winners of the Family Law Awards 2020 were announced at 4pm during a much-anticipated virtual awards ceremony. Over the past ten years, the Family Law Awards has recognised the leading players in...
Behaviour-based divorces still merit close consideration
Some recent cases illustrate the evidential and procedural issues involved in dealing with proofs on the merits of divorce, which are worth considering even though most cases may conclude on a...
View all articles

FINANCIAL REMEDIES: DR v GR and Others (Financial Remedy: Variation of Overseas Trust) [2013] EWHC 1196 (Fam)

Sep 29, 2018, 21:07 PM
Slug : financial-remedies-dr-v-gr-and-others-financial-remedy-variation-of-overseas-trust-2013-ewhc-1196-fam
Meta Title :
Meta Keywords :
Canonical URL :
Trending Article : No
Prioritise In Trending Articles : No
Date : May 21, 2013, 02:54 AM
Article ID : 102571

(Family Division, Mostyn J, 10 May 2013)

The husband and wife were married for 33 years. The husband claimed he had substantial assets prior to the marriage but had not provided any evidence of the extent. The value of assets which were in existence at the commencement of the marriage was £316,880. In financial remedy proceedings following divorce the parties had assets of £2.5m, £1.3m of which were held in a post-nuptial settlement comprising of a Jersey discretionary trust which through a company structure owned two retirement villages, operated by the husband as well as other assets.

The beneficiaries under the trust were the husband, his spouse, and any issue from that relationship. The wife applied for a variation of the settlement pursuant to s 24(1)(c) of the Matrimonial Causes Act 1973 and sought an outright transfer from the trust assets.

On the facts, applying the principles in the line of authorities including BJ v MJ (Financial Remedies: Overseas Trusts) [2011] EWHC 2708 (Fam), [2012] 1 FLR 667, the entire trust structure comprised a variable post-nuptial settlement that the court was empowered to deal directly with and to make orders in respect of the trust assets owned by the companies.

The wife's proposal to have one of the retirement villages transferred outright to her was completely unrealistic as she lacked the capital and experience necessary to run a village.

The wife would receive a liquidated sum of £1,229,965, which equated to 49% of the assets, comprising of the matrimonial property, a sum owed to her by the daughter and an outright payment from the settlement of £391,000. The husband would have 2 years to raise the latter sum subject to a 5% interest rate and the trust would be varied to remove the wife as a beneficiary and a director of any of the companies.


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