Divorce settlements could be changed forever today if a panel of three judges decides the former wife of footballer Ray Parlour has a bigger claim to his future earnings than acceptable under current interpretations of the law.
The Times says the decision focuses on whether “the post-divorce income of a high-earning spouse should be split 50-50 in the same way as other matrimonial assets to reflect the vital input of the other partner to the marriage.”
The former Mrs Parlour has previously been awarded annual maintenance of £250,000 – up from the £120,000 originally offered by Mr Parlour’s legal team. However, even this tidy sum is well short of the £440,000 demanded as a fair share of Mr Parlour’s estimated £1.2m annual income because of the “support” given during the marriage, enabling success on the football pitch.
Mr Parlour’s legal team argues this support had nothing to do with his “labour” on the field and “submission” to the regime of Arsenal boss Arsene Wenger.
INTERNATIONAL ACCOUNTING standards are under threat following the European Commission’s decision to side with big banks on the question of how derivatives should be counted on the books, says the FT.
The decision puts international accounting standard 39 in jeopardy, and threatens to undermine the bridge being built between US and European accounting standards.
Apparently, Brussels will now only endorse parts of IAS 39, while putting aside controversial parts to be sorted out within the next 18 months, far quicker than the previous compromise put forward by the International Accounting Standards Board.
The standoff threatens to disrupt plans being put in place for Europe’s 7,000 or so listed companies adopting IASB rules.
CHESNARA, THE life fund operator spun out of Countrywide Assured two years ago is handing over administration of its closed fund to Marlborough Stirling, along with 180 jobs, reports The Daily Telegraph
Details of the deal are being kept secret as negotiations are ongoing and due diligence is yet to be completed, the paper adds.
Chesnara is still keen to acquire other closed life funds, however, which would see further administration duties also offloaded to MS or another third party.
Swiss Life, Britannic and Old Mutual are other keen competitors in the market for closed funds, the Telegraph says.
ABBEY’S STATEMENTS yesterday about discussions with the FSA relating to managing its with profits fund continues to drive speculation about the future of the business, says The Scotsman.
”We have said that we have no current plans to sell the closed books of with-profits funds, nor are we in discussion with anyone about a sale,” Abbey said yesterday, but that has not stopped the rumours about the company selling off its life and pensions arm, the paper says.IFAonline
What made financial headlines over the weekend?
To promote 'long-term investment'
Switching 'hard and expensive'
Smaller funds still packing a punch