Read the full judgment text of FCMC 2312/2017 on BabelCite. This Family Court judgment before Deputy District Court Judge 何慧縈.
Matrimonial Proceedings – Ancillary Relief – Asset Valuation – Matrimonial Home – Company Shares – Departure from Equality Principle – Clean Break Principle – Child Maintenance – Lump Sum – Costs – The Respondent (Wife) applied for ancillary relief following the Petitioner (Husband)'s divorce petition. The marriage lasted approximately six years with two sons, one with autism and the other with autism and ADHD. The matrimonial home, valued at $8,100,000, was held by a company owned equally by both parties. The Husband claimed financial difficulty and alleged hidden assets were not disclosed by the Wife. The Court determined the matrimonial home was a joint asset and assessed the Husband's company assets based on available financial statements, rejecting claims of hidden assets in Guangzhou and other companies due to lack of evidence. The Court found the Husband had undisclosed income from company director loans and bank loans which were treated as assets. The Court departed from the principle of equal sharing of assets, considering the Wife's role as a full-time homemaker and the children's special needs which limited her ability to work. A clean break order was deemed appropriate given the parties' earning capacity and the breakdown of their relationship. The Court ordered the sale of the matrimonial home within three months of the absolute divorce order. The Wife was awarded a lump sum of $2,800,000 to meet her needs for approximately six years. Child maintenance was ordered at $62,000 per month post-sale, payable from the proceeds held in court. No order was made as to costs as both parties were self-represented and neither fully succeeded in their claims. The Court emphasized the need to balance the children's needs with the financial reality of the parties. The Court also considered the impact of the Husband's gambling habits but found no evidence of wanton dissipation. The Court determined the Wife's needs for housing and income were best met by a lump sum and sale of the home rather than ongoing maintenance. The total matrimonial assets were calculated at approximately $12 million, with the Wife receiving approximately 68% of the total assets.
Legal issues: Determination of Matrimonial Assets and Company Valuation · Departure from Equality Principle · Clean Break Principle · Costs
Outcome: Ancillary relief granted. Matrimonial home sold. Lump sum awarded to wife. Child maintenance ordered.
Cited by 1 case · Cites 2 cases