Financial remedies application following a short marriage with one child where there was no marital acques
Facts
- The husband was a professional footballer, receiving c.£900,000 net per annum and discretionary bonuses. His earning capacity was time-limited.
- The parties’ marriage lasted 19 months, during which they had one child. They enjoyed a high standard of living during the marriage (eg. renting the FMH for £52,000 pa) but accrued very little capital.
Held
- W’s housing needs were £700,000. Roberts J ordered H to sell a property in Miami and transfer 36% of the proceeds (or £270,000) to provide W with a deposit for a house.
- H was further ordered to pay W £80,000 pa as a mortgage allowance, together with periodical payments of £120,000 pa (£36,000 of which represented child support), and £14,000 pa in nursery/school fees. This would be reviewed in seven years, when the husband’s income was likely to change.
- Roberts J ordered H to pay W £127,500 to discharge an element of her unpaid legal fees.
- The standard of living during the marriage carried less weight than the parties’ future obligations. The longer the period during which a party’s needs will be met by the paying spouse; the more likely it is that the court will decline to assess needs on the basis of a standard of living enjoyed during the marriage.
- Allowing a spouse to stockpile to discharge a mortgage liability may be a method of achieving fairness between the parties and it may be more appealing than otherwise “wasting” money paying rent.
- Due to the length of the marriage, Roberts J did not consider it appropriate to allow for any sharing of H’s bonuses.