Recent News
"Dynastic trusts" are matrimonial property
Monday 13, June 2011
A husband's appeal that trust assets should not be taken into account as matriminial property has been dismissed by the Court of Appeal.
Mr and Mrs Whaley married in 1987 after two years of cohabitation and separated in 2008, living in both England and Spain (where the husband has a hotel chain). The husband, aged 60, and wife, aged 47, have four children aged from 12 to 20.
The argument centred on two dynastic trusts. The husband argued that these should be regarded as non-matrimonial property and the matrimonial assets amounted to just over £3 million net after debts and legal costs whereas the wife put the assets at over £11 million net after legal costs. Nearly £7 million was made up of assets in the two trusts. These were treated as resources likely to be available to the husband.
The husband had been ordered to pay the wife a lump sum of nearly £3 million. The total award gave the wife 36% of the net assets, which was deemed fair in the circumstances as account was taken of the husband's pre-marital wealth and wealth supplied by his parent's via the trust funds.
On appeal, the husband contended that the order placed "improper pressure" on the trustees which required them, ignoring their duties to other beneficiaries, to realise assets at a time that would be unpropitious commercially in order to make a payment to the wife, who was not a beneficiary of the trust. The Court of Appeal rejected the husband's arguments and stated that the the trustees were likely to make available such resources as the husband requested.
Equality Act
Thursday 9, June 2011
Barry Jameson will be making his usual contribution to the firm's next and imminent Bulletin with an article concentrating on key features of the new Equality Act.
Employment Seminars
Thursday 9, June 2011
The Employment Department plans further seminars during the course of this year, ideally one for our clientele in the Newbury area and the other at our London office. Details will follow nearer the chosen dates.
Independent settlement meetings in family cases
Friday 3, June 2011
One of the moves away from Court based resolution of family law cases is a new service offered by some barristers. Senior barristers can provide an independently mediated settlement meeting as an alternative to Court litigation. This can allow settlement to be achieved without the high costs of litigation and can be an alternative or an adjunct to our own collaborative family law practice.
Settlement meetings can be arranged for all areas of family law. They can be particularly helpful in financial cases. Both parties’ solicitors jointly instruct the barrister to conduct a private hearing or evaluation. The parties send agreed documentation to the barrister in advance of the meeting. The barrister then conducts the meeting to ascertain each parties’ stand point and then assists to try to find a middle way that is acceptable to all. Some barristers who offer this service are also collaboratively trained.
For further information please contact our family department.
Treatment of pre-acquired assets after a long marriage
Thursday 2, June 2011
This was considered in the case N v F (2011). This was a 16 year marriage with two children and assets of just under £10m. At the time of the marriage the husband had already accumulated assets worth just over £2m. The Court decided that it must firstly determine whether pre-marital assets should be considered separately at all. This will depend on the duration of the marriage and how assets have been mingled during it. If the Court then decides that it would be fair and just to take account of pre-marital assets, it would determine how much (if any) of the pre-marital assets should be excluded. This may be the entire sum less if there has been a lot of mingling or may reflect the fact that the assets were then used as a foundation for growth. The Court will then divide the remaining matrimonial property equally testing the fairness of the award by the overall percentage by which each party is to receive. In this case, the Court found it appropriate to take the pre-marital assets into account but then excluded £1m. This allowed the wife’s needs to be reasonably met within the facts of the particular case.
Adoption Statistics
Tuesday 31, May 2011
In 2009, 400,655 children were the subject of adoption orders. Almost 60% of them were aged between 1 and 4.