'Plainly Wrong' Divorce Settlement Overturned
When the Family Court ordered a banker who had divorced his wife to pay her a quarter of his future bonuses for the rest of his life, his dissatisfaction led to an appeal against the decision.
The original ruling was that the former matrimonial home was to be sold and the ex-wife was to receive £403,561 from the proceeds plus 50 per cent of any excess in the event that the property sold for more than £670,000 gross. In addition, the ex-wife was to receive 81.3 per cent of her ex-husband’s pension, periodical payments on a joint lives basis at the rate of £3,750 per calendar month and 25 per cent of all her ex-husband’s annual bonuses (net of tax and National Insurance Contributions), also on a joint lives basis. The ex-husband retained a US property in which there was negative equity and an investment property in the UK.
The High Court took the view that the original decision not to set a cap on the bonus payments was ‘plainly wrong’ and substituted a maximum payment of £20,000 per annum.
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