$4.8 Billion Divorce Pay Out

by Peter Magee on September 2, 2014

Peter Magee

Ninemsn reported on 20 May 2014 that a “Russian billionaire has been ordered to pay more than $4.8 billion to his ex-wife to settle a six-year divorce battle.”

In the article, titled “Billionaire’s wife awarded $4.8 billion in divorce battle” Ninemsn report that the Geneva court found that the owner of French football team AS Monaco, Dimitry Rybolovlev will pay his ex wife of 23 years, Elena Rybolovleva, around half of his fortune.

The divorce proceedings had been in court since 2008. Mr Rybolovlev, had originally made his fortune mining potash, which is used in agricultural fertilisers.

The wife's lawyer cited the settlement as "the most expensive divorce in history". As Forbes ranks Mr Rybolovlev as the 79th richest person this may indeed be true.

Ninemsn report: “The billionaire lives in Monaco but has an extensive network of properties around the world. He owns an estate in the southern French resort of Saint Tropez, a Greek island, a home in Miami previously owned by US businessman Donald Trump, and a villa in Hawaii bought from Hollywood star Will Smith.”

The situation where a wealthy couple have assets throughout the world is not uncommon. Many clients ask if we can make Orders in Australia in relation to their matter when some assets are held here and other assets are held overseas.

As orders are made in relation to the parties, not the actual asset, for example the orders direct a person to do or not do certain things, then orders can be made by a Court, for example directing a person to do all acts to transfer an overseas property to the other person.

At Armstrong Legal we have extensive experience in settling and also litigating matters of high net worth individuals. If you do have any questions about property after a divorce or also about how to protect your assets if you are still in a relationship for example by way of a “pre nup” please do not hesitate to contact us at Armstrong Legal on (02) 9261 4555 to book an initial obligation free appointment.

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