Divorce Case Study - Court Ordered Financial Settlement
05 November 2015
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Advised client on appeal, following a Court ordered financial settlement. At the final hearing, an Order was made which failed to take into account the significant Capital Gains Tax liabilities which would be incurred by our client, and in addition failed to differentiate between matrimonial and non matrimonial property.
There were significant financial assets with a net asset pot worth just under £3 million including properties in the UK and Cyprus, some of which were purchased prior to the marriage and had significantly grown in equity.
The order made by the Judge at first instance awarded an equal split despite the pre-marital contributions that had been made by our client. The final order allowed for our client to make a lump sum payment of £1.3 million to his wife.
Client was advised as to merits of appeal and the procedure. An appeal notice was lodged and permission to appeal granted.
A settlement was reached which reduced the lump sum payment from £1.3 million to £900,000 to take account of the significant Capital Gains Tax liabilities.
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