The Court of Appeal has warned lawyers not to apply to vary the financial settlements of divorcees whose fortunes have been hit by the recession.

In a strongly worded dismissal of an attempt by financier Brian Myerson to overturn a divorce agreement, three judges last week ruled that the ‘natural process of price fluctuation, however dramatic’ does not satisfy the legal test for changing a settlement.

Robin Charrôt, partner in charge of Stowe Family Law in Cheshire, said a different decision would have opened the door to a flood of other change of circumstance applications.

It would also have gone against case law in which the courts have set out restrictive criteria, he added, as well as the direction of Lady Justice Hale that changes in the value of items was not a sufficient reason to alter settlements.