The Court of Appeal has ruled that everything that is acquired during a marriage, including company shares, is considered matrimonial property.
The ruling stemmed from a case in which a director of Kalzmat Security Print Ltd was fighting his wife in a bid to retain a “gift”.
Peter Wanyama protested a decision by the High Court to give his wife Judith Wafula Chebukati half of the Kalzmat shares, which he claimed were a gift.
Mr Wanyama claimed he was asked by friends to join the company as a director and was given 40 per cent shares. He added that the shares should have been left untouched.
“I was invited to the company as a director but did not make any financial contributions,” he testified.
But Court of Appeal judges Asike Makhandia, William Ouko and Kathurima M’noti ruled that at the time he was getting the shares, his wife, to whom he was married for 23 years, was busy taking care of him and his six children.