Listen, girls… be careful about timing when it comes to that settlement. Strike the wrong balance between the cash bonus and more incentive aligned, long-term compensation in the deal and you might find yourself the subject of Divorce Settlement Clawbacks. Or perhaps, Alimony Modification.
A City fund manager hit by the credit crunch went to the Court of Appeal today in an attempt to secure a cut in the £9.5 million divorce settlement he made to his former wife.
Bryan Myerson claimed that his former wife, Ingrid, was awarded 43 per cent of the couple’s £25.8 million fortune when the settlement was agreed in February last year.
She was awarded £9.5 million cash, but he took most of his shares in the couple’s stocks in Principle Capital Holdings, where Mr Myerson worked as a fund manager.
Since, the share price has plummeted by 90 per cent and the divorce, as it stands, leaves Mrs Myerson with 105 per cent of the couple’s assets while her former husband, who still owes her £2.5 million in cash, would have to borrow money to pay her.
I say tough cookies Bryan. You were the one who elected to take your share in equities. Now we are supposed to give you a free put option to boot? Not to mention, that once you modify these terms, if the shares recover, Bryan is going to be sitting pretty and the Mrs. will be the one looking for modification.
City tycoon pleads poverty in £10m divorce [Times Online]
why did she get 45% of his money anyway? did she earn it? was she even involved in earning it? very much doubt either. it should be tested on the fiscal impact the woman had, now i can understand paying min wage for any cleaning/cooking she did, and maybe the going rate for any bedroom activities since married ($250 per 2 weeks should suffice), tot all of that up and see where you come to, probably a few hundred gee’s, tap her on the a*se and tell her to f*ck off before you deduct all the clothes/bags/manicures/etc! now that would be justice!
WE WANT PRE-NUP! WE WANT PRE-NUP!
totally with you on this one….but….then again….from personal experience….the justice system is not kind to the male conterpart in ANY divorce settlement. Nuf said! GGGRRRRRRRRRR!
@1 – are you kidding? The market rate for a nightlong GFE is definitely above $250. Plus, you have no idea how many whore diamonds she has.
If the sex was regular and anywhere near satisfying, and she was vaguely hot and can speak English, I’d say she’s owed at least $5000-$10,000/month.
Perhaps some wisdom from Dr. Dre:
B*tches ain’t sh*t but hoes and tricks
Lick on deez nutz and suck the d*ck
Get’s the f*ck out after you’re done
And I hops in my ride to make a quick run…
.. and from Easy E:
P***y ain’t nuthin’
But meat on the bone
Ya s**k it, ya f**k it
Ya leave it alone
It’s easy to see who is the depreciating asset now. What hubris this guy got, but that comes with the territory.
@4, they were married remember.
Any man who names his kids Truly and Truth is clearly a guy who’s got a handle on life, love, and keepin’ them hoes off your jock. I can only hope that Dre’s much longed-for collaboration with Burt Bacharach will come to fruition in my lifetime.
And maybe throw in another $ 10,000. a year for carpool duty and childbearing.
Huge screw up by the husband. I have no sympathy for him in fully renegotiating the settlement, despite being a guy. Their divorce is final and he could have liquidated his shares on the date of its finalization.
He should get some leeway on the future cash payments, but as a suspension rather than a cancellation. He obviously CAN’T pay now, so attempting to make him would be ludicrous. Just give him a few years to get his shit together.
This is in contrast to the Canadian problem where a date of valuation was established (around the date of filing, not finalization). Judges would then issue orders that could not be completed since so much time could elapse between the valuation date and the day a contested divorce settled.
Letting anyone do post-hoc rewrites of settlements is a BAD idea. Final divorces should be final, so that no one can come back for money due to changed circumstances, except for cash flow issues that make payments temporarily impossible.
Nearly everyone else in the world has taken a financial hit over the past year. Why the f*k shouldn’t she?
@5&6
More knowledge from Dre:
“…Now this is one of them occasions
Where the homie’s not doing it right
I mean he found him a ho that he like
But you can’t make a ho a housewife
When it all boils down
You’re gonna find in the end
A b*tch is a b*tch
But a dog is a man’s best friend
So what you found you a ho that you like
But you can’t make a ho a housewife..”
cramdown anyone? maybe more of that and they’d still be together
Nothing makes me more sick than these “hedge fund wives”.
@1–I see what you mean. Look at how much Ruth Madoff earned while working with her husband–$70mm versus his billions? Nothing like 43%.
WTF, she wants 10Mil+ for spreading her legs now and then, cunts have no shame.
@11 the issue isn’t the divorce, it’s the sacntity of a contract. She was smart enough to short the guy’s stock, and he wants a clawback?
If I was foolish enough to wear price risk on company stock after it vested, do I get to go back to HR and demand a cash payment to compensate?
@16: Bitter much? Catch your wife screwing around on you after your banking job imploded?