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London Reclaims Its Divorce Capital Crown

Divorce-1
A wife has been awarded a whopping £453 million in financial matters upon divorce; this latest case allows London to reclaim its crown as the divorce capital of the world.

The couple in the case have not been named but the full judgment can be reviewed AAZ v BBZ [2016] EWHC 3234 (Fam). They married in 1993 and had two sons. The wife was 17 years younger than the husband and was described to be a housewife and a hands-on mother during their marriage. The husband was a businessman with significant wealth. The husband sold shares for US $1.375 billion during their marriage and at the point of divorce, the wife estimated their marital wealth to be over £1 billion.

The Judge accepted that the total wealth of the family was wholly matrimonial and that it should, therefore, be shared between the husband and wife.

The husband, in this case, seems to have not done himself any favours by failing to attend at court for the various hearings. The husband did, however, rather fittingly given the wealth involved, appear at the final hearing by video-link from his yacht in the Caribbean.

London is well known for being the divorce capital of the world and women from all over the world seek to issue their divorce proceedings in London if they have sufficient links to the country to secure jurisdiction. The reason for this is that the courts in London tend to take a more sympathetic attitude toward housewives or stay at home mothers.

The law provides for a starting point, in line with the sharing principle, in long marriages of a 50/50 split of the matrimonial assets regardless of who earns the most. The court will also give consideration to the standard of living the family has enjoyed throughout the marriage when determining a financial award. This means for a stay at home wife, who has been married to a wealthy businessman for a long while, is likely to receive an award very close to 50% of the entire matrimonial wealth.

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