What’s fair and
equitable when couple separate?
Caroline Jones of Cullimore
Dutton
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When John Charman the ‘King of
the London Insurance market’ separated from his wife she
was awarded a £48 million settlement. This is the
largest order ever made for a divorce case in a UK
court.
Mr Charman appealed the judgment claiming it was ‘gross
and unfair’ and that his previous offer of £20 million
was more than adequate for her future needs. However,
despite his protests, the appeal court has upheld this
sum as fair and equitable split of their £131 million
fortune
Such is Mr. Charman’s outrage at the award that he has
said he will now appeal to the House of Lords. He has
also called on Gordon Brown to make it a priority to
review the law on the splitting of a couple’s assets on
divorce.
Sir Mark Potter, president of the High Court Family
Division, giving the appeal ruling, said that Mr
Charman’s contribution had been taken into consideration
when the award was made.
Mrs Charman’s lawyers had argued that the House of Lords
had laid down guidelines in previous divorce rulings in
big money cases that family assets should generally be
divided equally between the breadwinner and homemaker.
Payment of the money has been suspended pending a result
of any further appeal. Legal fees, which will fall to Mr
Charman, have already totaled nearly £5 million – an
amount Charman described as “obscene”.
In their ruling the appeal judges acknowledged that the
law needs clarifying, particularly in light of the need
for more harmony with Europe and “the fact that our law
has so far given little status to prenuptial contracts”.
Commenting on the case Caroline Jones, head of Family
Law at Birch Cullimore said: “Legislation making
prenuptial agreements binding in the UK could come in
within 10 years, making the division of assets clearer
should a marriage result in divorce.
“Prenuptial agreements can already be drawn up but,
currently UK courts are not bound to rule based on them.
This means the UK is currently out of line with Europe,
including France, the Netherlands, Germany, Sweden and
Spain who already authorise th
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