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02/04/2009
Divorce settlement cut bid fails |
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A City of London fund manager who tried to get his divorce settlement retrospectively reduced has failed in his bid.
Bryan Myerson had gone to the court of appeal to contest the settlement made last year on the basis of his wealth then, which saw his ex-wife awarded £9.5 million plus a £1.5 million home in South Africa.
Since then the value of his shares has plummeted, leaving Mr Myerson arguing he would be left £500,000 out of pocket as his wealth had dropped so much, but the court ruled that a "natural price fluctuation" was insufficient reason to overturn the original ruling.
Such a ruling may have implications for future cases and those facing divorce proceedings may wish to take legal advice to get the best settlement now.
The case contrasted with a ruling in the US recently, which saw actor John Cleese's payout to his former wife halved because the credit crunch had reduced his property investment income.
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