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Former wife secures £27,500 divorce settlement
Mon 21 Dec 2009
A former property mogul who claims he lost all his wealth in the credit crunch has nevertheless been ordered to pay his estranged wife £27,500 a month as part of a divorce settlement.
Scot Young, 45, built up his fortune with the help of Michelle Young, but the couple split up in 2006.
She took him to court to settle divorce proceedings, but he told a hearing that he had lost all his money and was living on £150 a week handouts from friends.
Now, however, Mrs Justice Black has ruled that Mr Young was being secretive about the whereabouts of his finances and that as such, the evidence he provided was as good as useless.
She agreed that Ms Young should carry on living in the manner that she has become accustomed to and ordered her former husband to pay her £27,500 a month, as she is satisfied that he has the funds to pay it.
Carol Ellinas, a partner at Winckworth Sherwood, commented: "For a Judge to make such a substantial interim maintenance order there must have been overwhelming evidence that the husband could make these payments by some means or other.
"Interim maintenance applications are not made lightly. The parties now need to focus on going forward and try to reach a long term settlement. Interim arrears will add up quickly if he still refuses to pay. The court has other sanctions available if he continues to ignore the order."
