“EACH PARTY TO THIS AGREEMENT FULLY UNDERSTANDS AND AGREES THAT HE OR SHE IS RELINQUISHING VALUABLE PROPERTY RIGHTS BY SIGNING THIS AGREEMENT.”
b.The parties acknowledged that they had received independent legal advice and that each had made clear and comprehensible financial disclosure (Article 2 and Exhibits A and B).c.Separate property is defined in Article 3 and any claims in respect of such property is waived in Article 4.d.The right to claim maintenance or alimony is waived in Article 5.e. Article 6 establishes the rights that arise on an Event of Marital Dissolution, which is defined, for the intents of the case before me, in Article 11 as the commencement of divorce proceedings by either party. That occurred on 22 December 2020, and so for the purposes of the PNA this was a marriage of 8¾ years (to be exact, 103 months). An important provision is article 6.2.1 which permits the wife, in the event of the breakdown of the marriage, to remain in the primary residence of the parties until the youngest child of the marriage attains 21 years of age, with the husband discharging the mortgage repayments, and paying for major repairs and the household staff, with the wife bearing all other expenses of the property.f.The terms of Article 6 are of central relevance to the dispute that I have to resolve and will be addressed in detail later in this judgment.g.Article 13 provides that on the occurrence of an Event of Marital Dissolution, the husband shall pay the wife’s legal fees necessary to resolve all issues between the parties, including issues relating to child custody, access and child maintenance, but capped at $750,000. Further, it provides that if either party should commence proceedings to set aside the agreement, or to claim spousal support other than in accordance with the terms of the agreement, then that party shall pay all the legal costs of the other party.h.Article 16.3 provides that the agreement, its validity and interpretation, and the rights of the parties under it, shall be governed and construed under the laws of New York.i.The Modification Agreement provides that on the first happening of an Event of Marital Dissolution, or the wife becoming a US citizen, the husband will transfer to the wife a one-half interest in the Miami apartment and the residence in Southampton, New York.
- 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
