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Financial Settlement of a Wealthy Couple

In the case of MAP v MFP, the Court considered the Wife’s application for financial relief.

The Husband was aged 62 and was the managing director of a successful property maintenance company and owned 95% of the shares of the company.

The Wife had previously been the company secretary and finance control manager of the company. The Wife owned the remaining 5% of the shares in the company.

The parties married in 1972 and subsequently separated in 2012.

The main reason for the party’s separation was because the Wife discovered the Husband had a serious cocaine addiction and had used prostitutes. The Husband was also a workaholic who was obsessed with perfection.

The Wife issued her divorce petition and Form A in June 2013.

The Decree Nisi was pronounced in December 2013.

The Wife remained living in the marital home following separation.

The marital home was worth approximately £2.3 million.

The Court confirmed the following issues needed to be determined:

The matter came before the Court.

The Court ruled that although the Husband had overspent, he had not done so deliberately in order to reduce the Wife’s claim. The Court concluded that the expenditure on extravagant items, cocaine and prostitutes, should not be added back. It stated that a person has to take their partner as they find them.

The Court confirmed that it would be wrong for the Wife to take advantage of the Husband’s abilities which led him to make a success of the company, but not take the financial hit from his personality flaw which led to his cocaine addiction.

The Court considered that the Wife should receive her £150,000.00 dividend.

The overall assets amounted to £25,139,445.00 – this was made up of £20,827,010.00, which belonged to the Husband, £1,397,777.00 which belonged to the Wife and £2,914,658.00 which were joint assets. However, adjustments were made to reduce the overall assets to £24,710,445.00, of which half would be £12,355,222.00.

The Court ruled that an initial lump sum of £3 million would be paid to the Wife as soon as possible.

The second lump sum was ordered to be paid in 3 years’ time.

The Wife was awarded periodical payments of 3%, which was £164,770.00 net per annum.

It was considered that the Wife’s shareholding should be quantified and transferred.

The Wife was awarded an equitable charge on the Husband’s shares, subject to any charge required by the bank.

If you need assistance in respect of your matrimonial affairs, whether this is in respect of issues concerning a divorce and the related financial aspects including financial settlement, children, injunctions or cohabitation disputes, please contact our offices on 01323 727321 to arrange an appointment.

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Guy Brown
Guy Brown
Carolyn Richards
Carolyn Richards
Greg Saunders
Greg Saunders
Tina Ripley
Tina Ripley