A Rotorua sawmilling magnate - whose $28 million divorce wrangle has big implications for trusts - is trying to take the case to the Supreme Court.
Mark Clayton has significant sawmilling interests in the central North Island and his business and other assets are owned by a series of companies and trusts.
He considers none of the trust assets are relationship property and that his ex-wife is entitled only to their $850,000 matrimonial home and $30,000.
Melanie Clayton, however, believes she is entitled to half of the value of the business and trust assets.
Her valuer was of the view that if her approach was upheld, she could be due half of a property pool estimated at $28.83 million when the parties were in the Family Court.
The pair, who separated almost a decade ago after 17 years of marriage, have already been through the Family Court, High Court and Court of Appeal.
Now Mark Clayton is seeking leave for the Supreme Court to hear the case, a registrar confirmed this morning.
The decision he is trying to appeal, according to Melanie Clayton's lawyer, redrew "the landscape" on trusts and relationship property.
The Queen's Counsel for Melanie Clayton, Lady Deborah Chambers, said that was because the Court of Appeal found powers of appointment for trusts are property.
LeeSalmonLong partner Isaac Hikaka also said the decision was the first with such a clear statement that this is a particular power that is an item of relationship property and that it has a specific value.
"So it's likely to have widespread effect not just on relationship property law but also the way in which trusts are framed going forward," Hikaka said earlier this month.