UK's Largest Divorce Settlement
Released On 4th Jan 2022
A settlement described as the biggest divorce case in British Legal history, was agreed upon in the High Court before Christmas.
Princess Haya Bint Al-Hussain, the youngest of six wives of Sheikh Mohammed Bin Rashid Al-Maktoum, was awarded a lump sum of £251.5 million.
The money will provide the princess with enough funds to cover the cost of running two multi-million-pound properties in London and Surrey, along with provision for a substantial security budget.
In the divorce ruling, the judge decided that, given earlier rulings, the princess and her two children were particularly vulnerable.
He said they needed watertight security to ensure their continued safety in the UK. He said the "main threat" to Haya and the children came from Sheikh Mohammed.
Princess Haya did not ask for any money for herself in the proceedings, other than to compensate for items, including jewellery and clothes that she lost due to marital breakdown.
The Sheikh was also ordered to pay £41.5 million upfront to the princess for chattels, cash for education and maintenance arrears and £5.6 million a year for each child for maintenance until they finish their tertiary education, after which he must pay them directly the same amount, but for their security.
Roger Isaacs, Forensic Partner at Milsted Langdon, said: “Forensic accountants play a key roel in helping legal teams advise on what assets are available to fund a fair and equitable settlement, although they rarely come in at such eye-watering amounts.
“Not only can accountancy expert witnesses value family businesses but they can also identify evidence of potentially hidden assets and help unpick and explain complex financial structures.
That is why we tend to get instructed, even in cases where the asset values are relatively modest, which can often be just as challenging the Big Money divorces. Dividing hundreds of millions of pounds is sometimes easier than working out what to do when there simply isn’t enough money to allow the parties and any children to meet their reasonable needs.”
