The PNA
20.The parties executed the PNA in accordance with the law of the State of New York on 2 March 2012, some six weeks before the marriage. As stated above, the husband’s net worth was disclosed in the sum of $1,018,215,671. The wife’s net worth was stated to be $4,471,500. Both parties had advice from, and were represented by, distinguished lawyers and there has been no suggestion of deficiency or pressure within the process leading up to the execution of the PNA.21.The parties signed a subsequent Modification Agreement on 23 March 2014. In her evidence, the wife described how this was presented to her in completed form as a birthday present. It increased the financial provision to be made to the wife pursuant to the PNA. As with the PNA, there has been no suggestion that the process leading to its execution was in any way flawed. 22.The PNA creates a regime of separate property and includes a waiver of spousal maintenance claims in consideration of the provision made in the agreements. The key features of the agreements are as follows:a.The preamble to the PNA states that it is intended to be in full satisfaction of all the parties’ rights arising out of the marriage or its dissolution except with respect to issues relating to custody and child support of any children of the marriage. To reinforce their mutual intention, the PNA concludes by stating in Article 17, in uppercase and in bold type:
- 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
