Supreme Court Decision on Standish
Yesterday, the UK’s highest Court handed down a landmark decision in relation to the ‘sharing principle’ in the division of matrimonial assets.
It was held that Mr Standish, a retired banker, who paid nearly £80 million to his wife to avoid Inheritance Tax will not have to share the amount equally with his wife following their divorce, as the funds were not ‘matrimonialised’. Mrs Standish’s award was therefore reduced by £25 million.
This case provides required, up to date, guidance as to how matrimonial and non-matrimonial assets should be treated, especially for high net worth individuals and where there is surplus in the matrimonial pot to meet the parties’ needs.
Should you require advice and support in relation to your divorce and finances, please contact Katie Powell in our family team on 01600 775950
