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This article was published on December 29th, 2014
A ‘financial genius’ has been told by a London divorce court to hand over a third of his £1 billion estate due to the judge accepting the financier was the “generating force”, having “innovative vision”, and generating the “truly vast wealth”.
Financier Sir Chris Hohn and his estranged American wife Jamie Cooper-Hohn have been locked in a legal battle which has been described as one of the biggest divorce money fights seen in an English court. The wife believes she is entitled to half his fortune where the husband believes a quarter is fair.
The judge has ruled that the financier must award over a third of his fortune to his estranged wife which equates to £337 million. The award is thought to be the biggest of its kind made by an English judge but the husband is expected to appeal.
Mrs Justice Roberts concluded:
“I take the view that he qualifies as a financial genius in his particular field of financial investment,”
“In these circumstances, I find that, on any view, there has been a special contribution made by the husband in this case and that such contribution should and will be reflected in a departure from equality in terms of the overall award which I propose to make.”
The financier’s estranged wife, Mrs Cooper-Hohn, stated that the wealth was a result of their ”partnership”. She claimed to have worked long hours on behalf of their charity.
London has always been known as the ‘divorce capital’ because of its generous awards to home-makers by recognising the non financial contribution made by the child-carer. Now that the judge has only awarded a 1/3 of the estate rather than 1/2 this may mean that London will lose its ‘divorce capital’ status as the homemakers look elsewhere to secure their 50/50 settlements if ‘special contributions’ are to be taken into greater consideration.
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