Business Losses Mean Divorce Settlement to be Reconsidered

12 May 2010



A property tycoon whose fortunes have plummeted since he and his wife divorced has been granted permission by the court to have the amount of the lump sum ordered to be paid to his ex-wife reconsidered.

John Livock, 60, at one point had a fortune of £8 million, a villa in Portugal, a country estate and a string of racehorses. He claimed, however, that his circumstances have now changed dramatically, on account of severe losses suffered as a result of the recession.

He and his wife, now 38, were married in 2005 but divorced three years later. Despite forging a successful career in the City, she was awarded a lump sum of £600,000.

The court will now review the settlement.

If your circumstances have changed significantly following a divorce, it is sometimes possible to obtain the court's permission for the original financial settlement to be revisited. Contact Sue Andrews, partner in the family law practice at B P Collins for advice.

If you would like to speak to one of B P Collins' experts in family law, please call 01753 279045, complete the online enquiry form or email familylaw@bpcollins.co.uk