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(Family Division; Moylan J; 26 February 2010)
The wife sought an equal division of matrimonial assets on the divorce whilst the husband sought a 75/25 split on basis of significant post-separation accrual. The relevant event was the sale of a company incorporated three years before the separation and sold three years after separation. The husband contended that success of the company and the sale price of over £30 million was due to his endeavours alone.
Held that the increase in value of the company post separation was due only in part to the husband's endeavours. The valuation of the company as at the date of separation was an artificial and hypothetical exercise which did not take into account the subsequent sale price. If these valuations were used to support a formulaic approach it would give no more than a spurious mathematical validity to the discretionary exercise. It was not necessary to define with precision what was matrimonial and non-matrimonial property in this case. The wife received just over 40% of the overall assets.
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