Family Law

Divorce Settlements - Payment Up Front

Mr and Mrs Myerson hit the front pages in April this year when Mr Myerson failed in his appeal to re-open his divorce settlement due to the dramatic fall in value of his shares.

A further judgment is due any day now - this is Mr Myerson's attempt to be released from his obligation to pay the remaining part of the divorce settlement to his wife.

He has paid her 7million, but a further 2.5million is due. It is possible that Mr Myerson may succeed in his application to vary the financial settlement and be released from his obligation to pay what's due to his ex-wife.

If he does succeed, then many other husbands may be closely checking their divorce settlements to see if they may be able to vary their court orders. If the order provides for a lump sum to be paid in instalments, then they too may succeed.

For those starting down the path of divorce proceedings, the moral for wives may be to secure as much of the lump sum payment up front as may be possible.