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ordering him to set up a trust fund for his wife.
Athelstan Whaley (60) said he will have to sell his Spanish hotel complex and home to fund a settlement with his ex-wife, Belinda (47) after their 21-year marriage broke down.
As part of the divorce, she was given two properties along with a £3 million lump sum by divorce Judge Justice Florence Baron.
She made the order after ruling that two “dynastic trusts” set up by Mr Whaley’s father before his death in 2001 were deemed to be assets of the marriage.
Mr Whaley’s assets are wroth about £4 million, but the trust boosts that to about £10 million. His lawyer Charles Howard told the civil appeal court that the money belongs to the children of the family and would lead to future generations funding her payouts.
He currently lives in Spain where he operates his hotel complex and said he has no control over the funds in the trust and the other trustees are unlikely to agree to the release of money to Mrs Whaley as she is not a beneficiary.
“This is the end of a perfectly legitimate trust for the grandchildren and possibly the next generation. Money earmarked for the children of the family has just been thrown in the kitty.
“The trustees don’t have to pay up just because the wife had obtained an order – they have a duty to all of the beneficiaries. They are not going to see it as fair.” – Daily Mail.