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Divorce information update for September

September 17, 2014 Speech Box

According to the Office of National Statistics there were 1,409 same sex marriages between the 29March and the 30 June this year.  Of these marriages 56% were female couples and 44% male.

Another interesting update is in respect of the potentially biggest divorce case in our courts so far (Cooper–Hohn) in which the Media have been allowed to report on the divorce and financial proceedings.  The wife in this case is arguing that she is entitled to half of all the property, shares and businesses held by her husband. The husband is the billionaire founder of the Children’s Investment Fund Management UK LLP.  This is one of the world’s largest charitable foundations funded by the husband’s hedge fund.  Whilst the wife is seeking half of all the family assets the husband is suggesting that she is only entitled to 25% because he made a “special contribution” to the marriage through his career.  On the evidence presented the husband says that they led a very simple life.  The quote used was that they lived a “Swatch lifestyle rather than a Rolex lifestyle”.  The couple had been married in 1995 and had four children.  Neither of them were wealthy before their marriage.  It will indeed be interesting to see how the argument of “special contribution” is resolved.

 

In a similarly large money divorce the Oklahoma County Court is hearing a case that may result in the largest ever divorce pay out.  In this case the husband is the CEO and founder of a large oil company.  His shareholding min the company is said to be valued at around $19bn.  He and his wife have been married for 26 years.  The division of their assets is going to be dependent on the definition of “marital wealth” in the court in Oklahoma.  The couple have not signed a pre-nup and it is possible that the outcome will result in an equal split of all the assets.

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