The sad news that Sir Paul McCartney and Heather Mills have parted has been greeted by the media jumping to conclusions about what the settlement should be. Already, £20 million, £40 million and £50 million have been quoted. So how much can Macca expect to pay from his estimated £850 million fortune to his wife of four years, and who should he go to for advice?
Well, let's hope that a civilised gentleman such as Sir Paul will avoid the ageing dinosaur-type lawyers who will offer him a hard fight to minimise his payments to his wife and child, and that he also takes no notice of the advice he might receive from his mates who have been down this path before, such as Ringo Starr (whose advice will be coloured by personal experience).
Unlike Ringo, who divorced Maureen back in 1975, Paul and Heather will be divorcing in an era of the 'Yardstick of Equality'. This means that, potentially, Heather can claim as much as half of her husband's fortune. This was unheard of when Ringo divorced. Back then, wives' claims were capped by their needs, leaving Ringo in the happy position of being able to say to the Judge that he was so wealthy he could afford to meet whatever the Judge decided Maureen required, and as such he didn't need to go into detail about what he was worth, saving himself a fortune in legal fees as a result.
Now, however, the wife of a wealthy husband can clam half of her husband's fortune, whether or not she needs it, so Macca will have to give chapter-and-verse on what he owns and earns. If he has not got one already, he will therefore need a good accountant who has a firm grasp of the details of his wealth.
Let's hope that he and Heather - true to their kind and considerate images - will both opt for the relatively new breed of divorce lawyer who is a member of Resolution (formerly called the Solicitors Family Law Association), who subscribes to the Resolution aim of dealing with a couple's unhappy differences in an amicable manner wherever possible, and putting the children's interests first. Such lawyers are usually specialists who will not only guide Sir Paul and Heather towards a negotiated settlement rather than a hard fought battle, but also, if at all practicable, into the arms of mediators with whom the embittered adversarial nature of litigation is left firmly outside the door.
Philippa Pearson is the author of 'Unmarried Couples and the Law', published by Lawpack Publishing. She specialises in all aspects of family law and is a member of the SFLA National Committee, the Lord Chancellor's Ancillary Relief Advisory Group and the SFLA Law Reform Committee. She also writes and lectures on many aspects of family law.
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