Property Value Drop Won’t Change Financial Order
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Joanne Wescott
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Drop in matrimonial home value is not enough to overturn a financial order, says Court
The financial remedies team at Osbornes Law represent wealthy clients and often advise in cases where a financial order could be reopened.
Property prices can be fickle, but when is a reduction in value of the former marital home, a sufficient reason to vary a financial order? The Family Court has helpfully given clarity on this important issue.
What’s the background?
In X v Y [2025] EWFC 144 (B), a financial order was made in December 2023 that the former matrimonial home in Cornwall was to be sold and the proceeds split between the parties. Their identities have been anonymised.
A joint expert valued the property in October 2022 at £800,000 and the judge accepted that figure. When the final hearing took place, the property was being marketed for £895,000 and both parties were confident it would sell in excess of £800,000.
Under the terms of the consent order, Mrs Y was to receive a minimum sum (£410,000) from the sale proceeds on the basis of a sale exceeding £800,000, and Mr X would take the balance. The order also allowed the judge to vary the sale price if the parties couldn’t agree a variation.
However, the property did not sell; the price was reduced; and by November 2024 the agents valued the property at £750,000. They eventually received an offer of £795,000.
In view of the drop in valuation, Mr X asked the court to vary the capital split of the sale proceeds on the basis that there had been a new event invalidating the original order.
No material change
Mr X’s application failed. First, it was clear that there was no unforeseen or exceptional supervening ‘Barder’ event that indicated that the financial order should be set aside.
Secondly, his argument that the so-called Thwaite jurisdiction applied was rejected. Under Thwaite, the court can set aside an order and replace it with another if:
- it remains ‘executory’ (i.e., not yet executed – here the sale had not yet taken place)
- a material change of circumstances has arisen and
- it would be inequitable not to vary the order
However, the court said that the small reduction in value of the property was not a sufficiently significant change to render it unfair to Mr X. It was noted that he had been happy to take the risk (or reward) of a variation in value when he agreed to Mrs Y receiving a fixed sum; and in any case, any net loss he would suffer on a £750,000 sale would be minimal (only around £13,000).
Furthermore, Mrs Y’s conduct had not been called into question in a way that gave rise to an unfair situation justifying a variation. The original order would therefore stand.
What does this mean?
Valuations of property do vary in a somewhat sluggish market, but unless there is a significant change in a valuation, the courts will be unwilling (absent other factors) to vary or strike out a financial order.
How can we help?
At Osbornes Law, our financial remedies team has extensive experience advising high-net-worth individuals on complex post-divorce financial matters. As this case illustrates, the threshold for reopening a financial order is high, and expert legal guidance is essential when navigating such challenges. For expert legal advice contact us by:
- Filling in our online enquiry form; or
- Calling us on 020 7485 8811
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