£37,489,392
under the PNA the wife seeks further payments of £750,000 as a refurbishment fund for the family home; €300,000 compensation for stolen jewellery (as mentioned above); and £450,000 as a form of parachute payment to ease her transition to a standard of living which she says will be several levels below that which she has enjoyed hitherto. These applications are misconceived. They are in plain breach of the terms of the PNA which the wife accepts as binding. They are refused.92.The sum of £37,489,392 is the cornerstone of my calculations set out below of the sum to be received by the wife to fund her household. It must therefore be received by the wife net in her hand and not be depredated by tax. To the extent that he had not done so already the husband must indemnify the wife in respect of any taxes that may arise in respect of any transfers of property or other assets into her sole name. 93.Once the wife has received her full entitlement under the PNA the parties’ remaining claims for financial remedies will be dismissed on the clean break basis in life and in death (although the husband being domiciled outside England and Wales there is no possibility of a claim under the Inheritance (Provision for Family and Dependants) Act 1975).
- Approved Judgment
- Mr Justice Mostyn:
- The correct entitlements of the wife under the modified PNA and their value
- The quantum of child support to be awarded to the wife for the benefit of the children, and whether the award should be secured.
- Background
- The PNA
- “EACH PARTY TO THIS AGREEMENT FULLY UNDERSTANDS AND AGREES THAT HE OR SHE IS RELINQUISHING VALUABLE PROPERTY RIGHTS BY SIGNING THIS AGREEMENT.”
- The disputes about the agreement
- Issues 1 & 2: The failure by the husband to set up the Joint Investment Fund
- Issue 3: The mortgage on Meadow Lane (1), Southampton, New York
- Southampton Residence
- Issues 4 & 5: Does the Modification Agreement cover Meadow Lane (2)?
- Future Residences
- Issues 6, 7, 8 & 9: Should the mortgage on the family home be taken at £18m or £16m?
- Issue 10: Is the wife entitled to a credit of half the net sale proceeds of 26 Downing Street?
- Issue 11: Should the wife be entitled to 100% or 50% of Rue Duphot Nos. 2 and 3?
- Paris, France Apartment
- Issue 12: Montfort
- Issue 13: Latent tax
- Issues 14 and 15: Should any of the wife’s legal costs paid by the husband be reimbursed to him?
- Legal Fees and Indemnification in Event of Suit to Enforce
- Issue 16: Disputed artwork
- Artwork
- Issue 17: Compensation for stolen jewellery
- Conclusion on the wife’s entitlements under the modified PNA
- £37,489,392
- £37,489,392
- The wife’s capital needs
- The reasonable annual income to be derived from the wife’s Duxbury fund
- £1,110,316
- The wife’s child maintenance claim
- the child is entitled to be brought up in circumstances which bear some sort of relationship with the father's current resources and the father's present standard of living.
- I accept, in accordance with authority, that the children should be able to have a lifestyle that is not entirely out of kilter with that enjoyed by them in Dubai and that enjoyed by HH and his family
- future
- This case: decision
- Conclusion
- Permission to appeal (“PTA”)
- SCHEDULE 1
