Divorce row over £20 million car collection
The wife of a businessman has lost her claim for the ownership of a £20 million classic car collection as part of the couple’s divorce settlement. A judge in a London court accepted her husband’s claim that the cars were owned by a separate company and should not be considered part of the marital assets. Bedfordshire car enthusiasts may recognise vehicles such as the 1928 Bentley and the McLaren P1 which are included in the collection.
While the judge ruled that the cars were not to be considered in the divorce settlement, he said that he would make a future decision regarding her claims for a lump sum cash payment. Her husband has declared that he is in financial difficulties and would only be able to afford a minimal amount of maintenance payments. His solicitor applauded the decision to exclude the car collection saying that, in cases that involved high value assets, all too often the family court assumed that the husband was seeking to hide property.
The couple were married for five years before she filed for divorce, claiming that her husband was being physically abusive. During the marriage, their primary residences were a French chateaux and a house in Bequia in the Caribbean. She is seeking a £27 million cash divorce settlement as her share of the £54 million she has claimed his estate is worth. The car collection includes approximately 35 cars and has been valued in the region of £20 million.
The division of property is often a contentious issue when a wealthy couple is facing the end of their marriage. When a divorce involves significant assets both in the U.K. and abroad, a solicitor who is familiar with unraveling complex financial products may be able to offer valuable legal advice to one of the estranged spouses.
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