It appears that even the affluent are not immune from the effects of a global recession. According to a news article in the U.K.’s Telegraph, a millionaire tycoon going through a divorce is attempting to renegotiate the terms of his settlement to avoid having no money left to sustain himself.
Jim Moore (a.k.a. the “Buy-to-let King”) is down to his last £3 million after owning a property investment company worth £135 million. Moore claims that as the court has ordered him to pay his ex-wife £4.7 mil pounds over the next 3 years, he would run out of money with which to live. A former sunbed and perfume salesperson, Moore spent a combined £1.5 mil pounds with his ex-wife in legal fees to decide just where to hold the court case — England or Spain. A cash- strapped Moore is currently representing himself in court.
Moore follows in the footsteps of fund manager Brian Myerson, who last week told the Court of Appeals that his £14 mil pound fortune was all but gone and that he could not afford the £9.5 mil settlement to his wife Ingrid in their divorce settlement. The cases of Moore and Myerson reflect growing examples of once rich men who can no longer afford to pay out generous divorce settlements once affordable during past good economic times.
With the recession hitting families hard, divorcing couples may not be able to afford the terms of settlement made before the global recession which consumed many jobs and, with that, the means of payment in divorce settlements. Don’t let these tough times force you to live beyond your means or contemplate bankruptcy. My San Jose divorce lawyer offices can help you assess your divorce situation and solutions. My San Jose property division lawyer offices can help answer questions about division of assets as well.
Divorce automatically bankrupts hearts with stress, guilt or misgivings. Don’t let it bankrupt your wallet as well.