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News & Articles

Osborne Morris & Morgan > News and Articles > Family > Forgetting to sign divorce papers costs businessman millions

Forgetting to sign divorce papers costs businessman millions

Posted on 15 Apr 2016, in Family

The former wife of a businessman is about to receive millions after it was discovered that her ex-husband forgot to sign documents agreeing to a lesser settlement amount. Residents of Bedfordshire may be interested to hear that the couple have been married to each other twice, and now that the latest settlement agreement has been put aside, the multi-millionaire will need to adhere to a previous arrangement that sees him paying out $11 million immediately.

He pointed out that his former spouse is wealthy in her own right and estimated her wealth at $120 million. The Swiss-born former Ford model is the proprietor of the Lady Sheila Stable and owns 27 thoroughbred horses such as the 2015 top female sprinter which garnered over $1 million in prize money. In addition to the financial payments she is due to receive from the settlement, the socialite will also get the couple’s Manhattan apartment on Park Avenue that has been described as a chateau in the sky, worth $30 million.

The rescinded divorce settlement would have seen her receive an annual payment of $5 million for 12 years, but according to the terms of an earlier agreement, the payout is now accelerated and she is entitled to $11 million immediately with a further $50 million over the next four years. The couple have two teenage children together and were first married for four years, divorcing in 1994. They married again two years later before divorcing for a second time in 2014.

In some situations a solicitor experienced in high net worth divorce cases may be able to advise a client regarding a single payment divorce settlement. Once this settlement has been approved by the court, neither partner will be able to revisit the terms of the agreement and both parties are able to continue with their lives having made a clean financial break.


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