Can a Husband apply to vary a divorce settlement which he can no longer afford because of a subsequent recessionary drop in Share prices and house values?
The Court of Appeal has recently said “no” in a big money case of Myerson -v- Myerson. The effect at the time of the hearing was that Mrs Myerson stood to receive 105% of the total assets and so Mr Myerson sought a refund of money he had already paid her by way of a lump sum.
The Court said “when a business man takes a speculative position in compromising his wife’s claims, why should the Court subsequently relieve him of the consequences of his speculation by re-writing the bargain at his behest?”.
No doubt it was feared that, had Mr Myerson succeeded, it would have opened the floodgates for similar applications and not just in big money cases. For example it could have happened where a former matrimonial home is failing to sell or the value has fallen because of the recession.
In certain limited circumstances some types of Matrimonial Order can be varied. Please contact us, if you wish to know more.