13th October 2010

A businessman from Kidderminster is attempting to vary the terms of his divorce financial settlement order after falling victim to the ongoing economic downturn. He appeared at the Civil Appeal Court, with his divorce solicitors, in London recently in an attempt to argue his case for a variation to be granted.

The former finance director of West Bromwich Building Society had been married for 23 years, but after the marriage broke down in 2003 it took two years for the couple to finally agree a "clean break" financial settlement. His ex-wife received £200,000 – believed at the time to be approximately half of the couple's joint wealth.

However, when the ex-husband later received £1.2 million after selling thousands of shares in a mortgage company, his ex-wife took the case back to court.

In March a judge awarded her £481,000, stating, "The failure to disclose the shares was a deliberate act by the husband. He chose not to tell his wife about his shares and seized upon what I regard as a thin and lame excuse not to do so."

But the former director wishes to challenge that ruling and in the Court of Appeal his divorce solicitors argued that his original payment of £200,000 and major contributions to school fees and university education costs had not been given fair consideration.

The court heard that the businessman had been made redundant in the property crisis of recent years and his assets had been significantly reduced in worth.

Family law lawyers for the ex-wife told the court that the difference in earning potential of the couple was still marked and that reopening the case was unjustified.

The three appeal court judges reserved their judgement for a later date.