The Court of Appeal has slashed an order for maintenance payments for life to just three years. Kim Waggott was awarded a lump sum settlement of £9.76million and annual maintenance of £175,000 for life. She appealed the decision seeking an increase in annual payments and her ex-husband, William challenged the original decision.
Reducing the period of annual maintenance to just three years, the Judge stated that Mrs Waggott could make up any shortfall by investing 10% of her initial payment and using the interest.
This appears to suggest a less generous approach to maintenance payments than has been applied previously and is likely to have an impact on spousal maintenance.