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Millionaire divorcee does not need to increase his settlement

When husband and wife team Martin and Kim Walkden divorced in 2006 there was an arrangement in place which saw Mrs Walkden walk away with £500,000. However, since the initial divorce hearing and settlement Mr Walkden has sold his timber business for a substantial £3.7 million with his wife retaining just an 18% stake in the business after the divorce, against 42% prior to the divorce.

Mrs Walkden this week went back to court amid claims that she should have received a great settlement bearing in mind the recent sale of the business post divorce but this appeal was thrown out by judges. As it happens Mr Walkden had already agreed a larger settlement for his wife prior to the ruling today but it does have implications for future divorce settlements. Private companies are very difficult to value, as are many private assets, which is the reason why there appears to have been such a substantial difference in the assets valued at the initial divorce hearing and today's appeal.

While it is difficult to understand how the value of Mr Walkden's share of the business could have been valued at only 10% of its consequential of value, there still appear to be no grounds for appeal against the initial divorce settlement.

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