Ft. Lauderdale, FL-This has been a year of historic divorce settlements. First there was Russian fertilizer tycoon Dmitry Rybolovlev who was ordered to pay his ex-wife $4 billion. Then there was American oil tycoon Harold Hamm who will be shelling out $1 billion to his ex-wife. Now the divorce of a British hedge fund manager is making headlines for being the largest divorce settlement in the U.K.
Last week, billionaire hedge-fund manager Sir Chris Hohn was ordered to pay his ex-wife, American-born Jamie Cooper-Hohn, £370, the equivalent of $530 million. That may pale in comparison to Ryobolovlev’s of Hamm’s divorce settlement, but it’s the largest in Britain’s history, according to Reuters.
Hohn initially wanted to settle his divorce for a quarter of his £700 billion fortune but the court eventually awarded her a half of her estranged husband’s fortune because she was able to prove she contributed to growth of her husband’s business.
In the beginning stages of their divorce Hohn claimed he was only worth £67 million and that the bulk of his wealth was accumulated after the couple separated in 2012. According to the Independent, a forensic accountant was able to dispute Hohn’s claims.
Hohn also accused his ex-wife of mishandling funds from their charity, the Children’s Investment Fund, one of the largest charity organizations in the world. Cooper-Hohn disputed those claims, accusing her estranged husband of being “controlling” and “aggressive” towards her when she was running the charity after they split. Cooper-Hohn also took credit for steering her husband into philanthropy, telling the court that when she met him at Harvard, he was only interested in making money.
The couple married over 15 years ago and have four children together, including a set of triplets.
Hohn’s divorce has not been finalized and the court noted they could make changes until the final decree is issued on December 12th.
Divorces can get ugly quickly especially when property and large sums of money are at stake. Finances are often a bone of contention in a divorce and is often used by one spouse to get even with the other. But that is not always the case, in many instances, both partners are equally responsible for growing their marital wealth and they need a divorce attorney on their side to prove that in court to protect their interests and secure their financial future.
Child custody is another issue that can make a divorce into an ugly affair. While it may be an unconscious act, divorcing couples often use their children and child custody to get even with their estranged spouse. One spouse may take great pains to paint their other spouse as an unfit parent in hopes of getting the custody arrangement they want. They do this without consideration of how it will affect their children. A divorce attorney will work to ensure that when it comes to a child custody arrangement the best interests of the child or children dictates who will be given custody.