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23/03/2009
Cleese gets divorce settlement halved |
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Actor John Cleese has succeeded in getting his divorce settlement halved as a result of the credit crunch.
The Fawlty Towers star had been ordered to pay £1.3 million a year to his former wife Alyce Faye Eichelberger, but managed to get a US judge to halve the amount, as the original figure had been based on his 2007 earnings.
This included property deals from which Mr Cleese was able to earn more before the credit crunch, while he also had to sell a Texan property at a cut price to pay for the original divorce settlement.
Although the change was granted in the US, it could have implications for divorce settlements in the UK, where a recent case found a man trying to retrospectively reduce his payout after the financial crisis lowered the value of his assets.
City fund manager Bryan Myerson went to the high court to attempt to reduce the settlement he had to pay to his ex-wife, as his shares had dropped by 90 per cent in value since the original figure was set.
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