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Oligarch divorces from wife
Thu 22 Jul 2010
Legal experts believe the biggest divorce settlement in British legal history may have been made at the High Court this week.
Boris Berezovsky, the Russian oligarch, is estimated to be worth in the region of GBP 1 billion, and has recently been in the process of getting divorced from his second wife Galina.
As a result, it is understood that any divorce settlement could potentially be approximately GBP 100 million, which is well above the record-breaking GBP 48 million sum awarded to Beverley Charman two years ago.
The exiled billionaire has said he will foot the bill for the legal proceedings and is not believed to have contested the case.
Mr and Mrs Berezovsky got married in 1991 and had two children together, but the pair separated three years later.
The businessman made his money in the motor trade and later acquired state assets that were being sold off by the then-president Boris Yeltsin.
Carol Ellinas, a partner at Winckworth Sherwood Solicitors, commented: "This is a 20-year marriage and there are children.
"The assets will have been accumulated to a great part during the course of the marriage.
"Galina will have been advised by her lawyers that she is entitled to a significant share of these assets, despite the fact that they have been separated for most of the marriage.
"The fact that she will have raised their children during this period means that she has continued to contribute to the relationship.
"They have not been able to reach an agreement on what would be a fair settlement but Boris is content to let the court determine the figure without offering any defence.
"Whatever the court orders will have no impact on Boris's lifestyle and probably very little impact on Galina's.
"It will mean that going forward she can make her own financial decisions.
"In probability the divorce could be part of the parties' long term tax planning arrangements, freeing up either or both to remarry which has huge inheritance tax benefits.
"Divorcing couples need to take legal and financial advice on the benefits and disadvantages of divorcing."
