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Mr Justice Bodey departs from equality on basis of unmatched contributions

Judgment gives wife 37.5% of £36.95 million

In X v X (application for a financial remedies order) [2016] EWHC 1995 (Fam) Mr Justice Bodey had to consider issues, including: the date of valuing company shares where the shares had risen in value by some £15 million between the final hearing and judgment; whether a discretionary trust of which the husband was the primary beneficiary was a financial 'resource' available to him; the quantum of a discount to be applied to the value of the husband's shares in a company in respect of which he held a 'pivotal' position; unmatched financial and domestic contributions by the husband, who had sought to argue that he had made a special contribution to the business; and whether to make a sharing or needs-based award.

The wife agreed that there should be a departure from equality as a result of the unmatched contribution. The judge would impose a broadly-assessed discount from the yardstick of equality and then carry out a cross-check to ensure the wife's reasonable needs were met. The wife had suggested 37.5% (albeit of a larger kitty) of a pot of £36.945 million and the judge accepted that as well-judged and fair.

For the judgment and a detailed summary by Thomas Dance of 1 King's Bench Walk, click here.

23/1/17