Open proposals
36.I now turn to consider the various open proposals made by the parties. The first such proposal was made by the Husband on 21 July 2021. His proposal was that the Wife should exit the marriage with total provision of £50 million. This was said to be 54% of the matrimonial assets and 38% of the non-matrimonial assets but it was entirely based on her needs. The letter says that the magnetic factor is the inherited or non-matrimonial genealogy of the wealth, such that it is a needs case. The offer was predicated on the Z Street Property being transferred from joint names to the Husband but with Property W being transferred out of trust to her. The Wife would retain the two London properties (put at £19.4 million) and receive a lump sum of £26.8 million. On 14 January 2022, he repeated the offer, albeit saying that the asset base had decreased but the proposals remained the same. He offered £30,000 per annum per child, which has been agreed, although I am not entirely sure if this offer extends to Child D if Child D goes to Country X and the Wife and Child E return as well. 37.The Wife’s open offer is dated 25 January 2022. She seeks a transfer of the Z Street Property to her. She will transfer a London property to the Husband. She then seeks a lump sum of £57 million. She will give the Husband an indemnity for 33% of any liability to the tax authority of Country X relating to the investigation if the Husband has to make a payment within three years. She should receive 50% of any proceeds of sale of DEF Inc or the other company on sale. The Husband responded on 16 February 2022 complaining that this proposal was for provision in excess of £100 million and arguing that this would not be anything like a fair outcome. 38.By way of short comparison, the Husband’s costs of this litigation are £1,381,000, of which he has paid £817,754. The Wife’s costs are £1,700,000 of which she has paid £688,000. In addition, there is the children dispute to be determined in March 2022. The Wife’s additional outstanding costs of that dispute come to £279,000 and the Husband’s additional outstanding costs are £147,413.
- MR JUSTICE MOOR:-
- The relevant history
- The breakdown of the marriage
- The respective Forms E
- The evidence before me
- The position of the PE company
- Section 25 statements
- The valuation of DEF Inc and the other business
- Statement of Issues
- Open proposals
- The Tax enquiry
- The respective Position Statements
- Duxbury
- The Assets Schedule
- £ 3,551,912
- The law I have to apply
- White v White
- K v L
- Miller/McFarlane
- Hart v Hart
- Miller
- Jones v Jones
- Martin
- Hart
- my emphasis)
- Juffali v Juffali
- The evidence I heard
- My assessment of the assets
- The appropriate deduction for tax liabilities in relation to the enquiry by the tax authority of Country X
- Two relatively small loans made by JR’s estate and a trust belonging to KR to the IR Holding Trust
- The resulting overall figure
- The Pre-Nuptial Agreement
- Radmacher v Granatino
- The DEF Inc Side Deed
- My conclusions as to non-matrimonial property
- XW v XH
- Wells v Wells
- The structure of the award
- £ 120,479
- Calderbank
