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England and Wales High Court (Family Division) Decisions |
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You are here: BAILII >> Databases >> England and Wales High Court (Family Division) Decisions >> Z v Z [2011] EWHC 2878 (Fam) (03 November 2011) URL: http://www.bailii.org/ew/cases/EWHC/Fam/2011/2878.html Cite as: [2012] 1 FLR 1100, [2011] EWHC 2878 (Fam) |
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Strand, London, WC2A 2LL |
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B e f o r e :
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Z |
Applicant |
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- and - |
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Z |
Respondent |
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Mr Lewis Marks QC leading Miss Katie Cowton (instructed by Withers) for the Respondent
Hearing dates: 10th - 13th October 2011
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Crown Copyright ©
Husband Wife Matrimonial Home £723,509 £723,509 Investment Property £234,936 £41,459 Banks £399,065 £19,432 Investments £11,176,072 £329,592 Debts -£136,305 -£3,465 Unpaid costs -£184,122 Costs add back £157,845 Deferred Compensation £324,802 Co-investments £587,060 Inherited Properties £520,069 £174,961 Overall Total £13,802,930 £1,285,488 £15,088,419
2006/2007 €4,110,502 2007/2008 €5,793,252 2008/2009 €3,299,445 2009/2010 €1,780,963 2010/2011 €2,282,414
2011/2012 €1,467,367 2012/2013 €622,397 2013/2014 €721,537
"The court should give effect to a nuptial agreement that is freely entered into by each party with a full appreciation of its implications unless in the circumstances prevailing it would not be fair to hold the parties to their agreement".
"Where, however, these considerations do not apply and each party is in a position to meet his or her needs, fairness may well not require a departure from their agreement as to the regulation of their financial affairs in the circumstances that have come to pass. Thus it is in relation to the third strand, sharing, that the court will be most likely to make an order in the terms of the nuptial agreement in place of the order that it would otherwise have made".
"In the present state of the law, there can be no hard and fast rules, save to say that it may be fairer to accept the modification of the sharing principle than of the needs and compensation principles."
"Under general contract law, parties to an agreement may terminate the same by mutual agreement or for causes permitted by law. In contrast, marriage contracts may only be modified by way of a new notaire deed, where the spouses agree to modify their marriage contract by way of a notarised deed, which, in certain cases, requires a court decision."
"The future spouses adopt as the basis of their union the regime of SEPARATION OF ASSETS…. Accordingly:
They respectively retain ownership of the movable and immovable assets which belong to them personally and those which may subsequently become theirs in any respect whatsoever."
"At dissolution of the marriage, the spouses or their heirs and representatives will recover all articles of which they substantiate ownership by title, use, make or invoice; articles and assets over which no ownership right is substantiated will be deemed automatically to belong undividedly to each of the spouses half each, irrespective of their value and composition.
Real estate, receivables and registered securities will belong to whichever of the spouses is the titular holder. Any assets of such a kind that are in the name of both of the spouses will be deemed to belong to each of them to the extent of half unless the relating documentation indicates otherwise."
"Commitment protocol
4 February 2008
As agreed, I confirm to you that if after three months of thinking time from today I decided not to return with you to the family home, I undertake at the time of our legal separation (if I take the initiative thereof), notwithstanding the regime of separation [of property] under which we married, to pay to you, for you and the children, half of my total after-tax net earnings, past and future (apart from any compromise indemnities that would be paid to me if I was dismissed). This sum payable over time might represent (in the present state of my estimates) of the order of 7 million euros. "€2m" will be paid to you as a priority, €6m will be paid to me, €4m to you and the balance 50/50.
As regards maintenance allowance, I also undertake to pay a minimum 120k euros per annum (which should represent about 50% of my net salary) and up to 200k euros per annum (this depending on my bonus paid in cash), according to arrangements to be defined, and provided that my present remuneration is maintained.
Before any possible legal separation, your standard of living will remain unchanged.
In return for my commitments, you undertake to employ your best endeavours to ensure that our separation takes place in the best possible manner for the children (there is then an illegible part that has been crossed out) and for me (notably in the management of my interactions with them).
Signature…"
Housing £3,250,000 Stamp duty £162,500 Costs of purchase £7,500 Refurbishment/furnishings £80,000 Outstanding costs £45,000 Duxbury Fund £2,283,126 Usufruct properties £174,961 £6,003,087