Dear Adele,

Oh dear…………the big romance is over and you are now saying Hello from the other side.

And an even bigger oh dear……..I read that you & Simon did not sign a Pre-Nuptial Agreement before you tied the knot. When the financial circumstances of two people are so vastly different, it makes sense to enter into a Pre-Nuptial agreement, however unromantic that sounds.  Money can be an extremely emotive topic in a relationship, especially if you have different earning abilities, different expectations and different attitudes towards spending and saving.  A prenuptial agreement could have provided a clear agreement and saved a lot of expensive divorce fees and arguments when you are both undoubtedly feeling vulnerable.  Next time (and statistically, there willbe a next time) tackle the wealth before the wedding.

So, the big question will be, without a pre-nuptial agreement, how will your £150 million fortune be divided upon divorce?

Without a pre-nup, the starting point for the division of property and assets will generally be equality of assets between each of you.  Therefore, could he be entitled to half of your fortune?  You’ll be relieved to hear that the court have to take into account certain factors, all set out helpfully in the Matrimonial Causes Act 1973. These are:

(a)       the income, earning capacity, property and other financial resources which each of you have or is likely to have in the foreseeable future;

(b)       the financial needs, obligations and responsibilities each of you have or is likely to have in the foreseeable future;

(c)        the standard of living before the breakdown of the marriage;

(d)       the age of each of you and the duration of the marriage;

(e)       any physical or mental disabilities;

(f)        the contributions which each of you have made or is likely in the foreseeable future to make to the welfare of the family, including any contribution by looking after the home or caring for the family;

(g)       the conduct of each of you, if that conduct is such that it would in the opinion of the court be unfair to ignore it;

(h)       the value to each of you of any benefit which, by reason of the divorce, you’ll will lose the chance of acquiring.

Due to the short length of your marriage, a UK court would be unlikely to determine that there should be a 50/50 split and would probably depart from equality.   It is thought that in short marriages there is less mingling of finances, unlike in long marriages of 15 years plus.  Therefore, due to the large amount of assets in this case, a judge may decide that you & Simon walk away with your own finances and divide the assets you share equally, such as the many holiday homes…….

How your assets are divided couldalso depend on whereyou choose to divorce.  London has a reputation for being the ‘Divorce capital of the world’ owing to the courts willingness to consider an equal split of assets.  If you are also resident in California, you might want to check out how the courts do it there before deciding where to issue the divorce petition.  Timing could be crucial here too if youwant control of yourapplication in yourchosen jurisdiction

Getting divorced can be a frightening, unsettling time in your life but please use it well: turn it to profit by writing more of those wonderful songs……..

With best wishes,

Sue Devereaux

Adele, and all those others having a hard time at the moment – we can help you

If you are currently going through a divorce and you need some advice on what may happen to your assets, do not hesitate to contact us here at Goody Burrett.

For only £99 plus VAT, we offer an hour-long initial consultation to provide preliminary guidance on your next step forward.   We’re here to make life easier for you.

For more information on Prenuptial Agreements

Contact our Family Department on 01206 577676 or email [email protected]