An investment banker has ended a row over his divorce settlement, blaming the "financial realities" of the City. The Court of Appeal was told former Goldman Sachs employee Dominic Bokor-Ingram, 40, from Surrey, had been given "dispiriting news" about his bonus.
He said he could not "afford protracted litigation," and would settle with Catherine, 38, out of court. Divorce lawyers said ex-wives would increasingly have "to share in the pain of much reduced incomes". Mrs Bokor-Ingram had gone to court to try to increase her payout on the grounds her former husband had failed to disclose he was seeking a higher-paid job when their settlement was first agreed.
But Jonathan Cohen QC, representing Mr Bokor-Ingram, told the court on Wednesday no hearing was necessary because negotiations had been "started and completed by the parties themselves". He said the "catalyst" was the threat of further legal fees at a time when there had been "changes in the husband's remuneration in the face of the adverse economic climate". "My client has received dispiriting news about his income, which relates to his bonus," Mr Cohen said.
'Cut to the bone'
The couple, who have two children, originally settled their divorce in 2006 when Mr Bokor-Ingram was earning a £100,000-a-year salary, plus bonus and share options. It was agreed then Mrs Bokor-Ingram would receive a 75% share of the marital home, along with maintenance payments of £55,000 a year. The house will now be transferred to her in full.
Sandra Davis, head of the family department at solicitors Mishcon de Reya, said City pay was "going to be cut to the bone". "This, combined with the effects of a global recession, will see former wives faced with the prospect of a significant reduction in their post-divorce standard of living and husbands far less inclined to pay for a clean break from a depreciating asset portfolio," she said. "When remuneration packages and bonuses were on the up, wives benefited from the extra cash generated by their former husbands. "Equally, they are going to have to share in the pain of much reduced incomes."