Court cuts ex-wife's settlement

Court cuts ex-wife's settlement

A woman who earns more than double her ex-husband's salary has had her share of the matrimonial wealth reduced by top judges.

Tracey Foster and her former husband Stephen built up a small fortune through successful property dealing during their marriage, which lasted less than three years.

She earned £67,000 as an accountant compared to the £30,000 he was paid as a computer engineer.

Ms Foster argued she was entitled to a greater share of their joint wealth because her contribution had been so much greater.

But her former husband claimed the matrimonial assets should be split evenly - a claim rejected by Appeal Court judges on Wednesday.

Matrimonial property

Instead, they cut his ex-wife's share from 70% to 61%, leaving him with 39% of their £394,000 fortune.

Mrs Foster must also pay her former husband's legal costs.

Lady Justice Hale, sitting with Lord Justice Chadwick and Lord Justice Peter Gibson, said the case raised issues as to how the courts should approach the division of matrimonial assets where "short, childless marriages" ended in divorce.

She said: "If both go out to work and pool their incomes or spend a comparable proportion of their incomes for the benefit of the family, it would be a surprising proposition indeed if they were not to be regarded as having made an equal contribution to the family home or other family assets."

The couple, who separated in 2000, had at various times owned five properties - in Brentwood, Chelmsford, Shenley and Surrey Quays.

Mr Foster is still living in one of the properties, in Brentwood.

Although a ruling by a county court judge last year meant he could keep the property, it left him with only £1,000 in cash.

Lady Justice Hale said the assets the couple bought together should be regarded as "matrimonial property" which - in principle - should be divided equally.