In a landmark judgement, the Court of Appeal has ruled that divorcee Kim Waggott will only be entitled to three years spousal maintenance from her ex-husband multimillionaire William Waggott, overturning the original judgement that saw Mrs Waggott receiving annual payments for the rest of her life.
Mrs Waggott was due to get a £9.76m lump sum with annual maintenance payments of £175,000 to continue until her death. Unhappy with this agreement, Mrs Waggott sought to increase the sum of annual payments by £23,000 per year.
Lord Justice Moylan set aside Mrs Waggott’s proposal and ruled that these payments should end in March 2021.
Lord Justice Moylan’s reasoning behind this decision was that extending the sharing principle to include post separation earnings would “fundamentally undermine the court’s ability to effect a clean break”.
If you need advice in relation to separation, divorce or financial settlement and would like to discuss how we can help you, please contact Kathryn Moggs in BakerLaw’s Family department at kathryn.moggs@baker-law.co.uk or call 01252 730758.
This article is not a definitive statement of the law. It is designed as a free update on the law at the time of publishing. It is not a substitute for legal advice on specific facts and circumstances. BakerLaw LLP and/or the writer accepts no liability or responsibility for reliance on this article and recommends that you seek independent legal advice on your specific circumstances prior to taking any steps.
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