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]