Yes, I am referring to a financial settlement of £1Billion not just £1million!
Many of us will be amazed just how many financial settlements on divorce are £1million and above. We deal with many of these now. But I read that the motor racing mogul Bernie Ecclestone was divorced the other day and I read today in the Daily Mail that he is worth over £2billion.
When you see a photo of his wife with him, it is very tempting to make a guess about the background reasoning to the marriage in the first place! But this is not a stereotypical such marriage. They have been married almost 25 years and have 2 children. It seems she gave up her career for him.
I think she may well receive 50% of "his" worth and so may well be the first I am aware of to get a settlement of £1billion plus. By the way, the papers say that his divorce means he has "lost" half his wealth; he hasn't. A divorce financial settlement is normally reached after the decree nisi is pronounced.
That said, the credit crunch is lowering settlements as people's fortunes are reducing. And it is causing some chaos with settlements agreed just before it really hit. Some people have made a financial settlement and later found they agreed a set figure to their spouse which they suddenly have to pay out of a pot worth 50% what it was. Not a good situation and careful advice from a specialist family lawyer is wise.
I also read today that Julie Myerson and her husband are in just this sort of problem. I happen to know that she took great care to find a lawyer who foresaw what might happen. The papers report today that it seems if he pays her the figure previously agreed for her settlement, he will be £0.5 million overdrawn. "A rum do" said an Appeal Court Judge apparently.
Quite!
Andrew Woolley
Divorce Solicitor