A recent divorce case has led to a court ruling ordering the sale of a £42 million family home and a €35.5 million luxury yacht.

The couple, who have three children, made competing applications: the husband wanted to end the wife’s home rights under the Family Law Act 1996 to sell the property, while the wife wanted to sell the yacht to pay off the mortgage on the house.

Their financial situation changed significantly since their separation. The wife stayed in the family home with the children, and the husband moved to rented accommodation. The home, valued at £42 million, had a £27 million mortgage.

The husband claimed his business, once worth £565 million, had suffered due to war, leaving him with a reported net worth of minus £32 million. He argued that the mortgage, due for renewal in August 2024, might not be extended, forcing the sale of the property.

The wife opposed the sale, claiming she had a beneficial interest in the property, which would protect her right to stay. However, the court found she did not have a beneficial interest, as she hadn’t mentioned it in her initial financial disclosures.

Additionally, she had signed a “consent to mortgage and waiver of rights” document in 2018, giving up any rights under the Family Law Act.

The wife also wanted to take control of selling the yacht, saying the husband was not actively trying to sell it. However, the court found no evidence of this, and ruled that the yacht, owned by a company in which the husband held a 90% share, was not subject to the Married Woman’s Property Act.

The court ordered that the family home be put up for sale. The wife and children can stay there until the sale is complete or until suitable rental accommodation is arranged. Her home rights will continue temporarily but will end once the sale is finalised.

The judge assured that the wife and children would be “adequately rehoused,” with the husband covering rental costs during the sale process.