PERMISSION TO APPEAL FOR WIFE OF OIL AND GAS MILLIONNAIRE

July 8th, 2010 by Tania Derrett-Smith

In March 2010 the High Court awarded Victoria Jones (44) £5 million following her divorce from Gareth Jones. Mr Jones has been described as a self made man having made his fortune in the oil and gas industry.

He sold his business in May 2007 for £32 million and retired. The Court assessed the value of the matrimonial assets at approximately £25 million. The High Court Ordered that Mrs Jones was entitled to a limited share of the matrimonial assets as the majority had been established before the marriage took place. This was not accepted by Mrs Jones who argued that the business was in fact worth £3.2 million when the parties married.

Mrs Jones has been granted permission by the Court of Appeal to appeal the final order. The President of the Family Division considers that Mrs Jones’ has an arguable case and accordingly has given her permission to appeal.

This case is yet another example of the arguments that arise over pre marriage acquired and post separation wealth and the efforts that can be made to ring fence certain assets.