HE chose two of the finest legal brains in the country. She chose a make-up artist, a personal trainer – and her sister.
On the day the biggest div-orce battle in British legal history began in earnest, Sir Paul McCartney and Heather Mills took starkly different approaches.
With £825million at stake, the warring couple looked suitably apprehensive as they came face to face before a judge in a bid to end one of the most bitter matrimonial settlement negotiations in memory.
Experts believe that Miss Mills’ decision to go it alone and present her own case could prove costly.
They say the judge could award anything between £20million and £200million of Sir Paul’s fortune to her, depending on how convinced he is by the arguments put forward.
The experts predict that Miss Mills faces a savaging from Sir Paul’s high-powered legal team.
Ex-glamour model Miss Mills – in pink blouse, black skirt and high-heeled leather boots – left her blacked-out Mercedes people carrier in the disabled parking bay at London’s High Court, and looked stony-faced as she strode into the historic Royal Courts of Justice.
Her estranged husband arrived an hour later, ditching his trademark trainers in favour of a pin-stripe suit, white shirt, black and white knitted scarf and black shoes.
The former Beatle, 65, seemed unfazed by the extraordinary media frenzy which greeted him. It included two helicopters buzzing overhead and photographers three-to-four deep at every entrance.
Wednesday 13 February 2008
Sunday 3 February 2008
Women & Money: Keeping clear-eyed about divorce's financial side
Once you've made the difficult decision to end your marriage, the next step is to work out a financial agreement. Ultimately, you may need a good lawyer to ensure an equitable settlement, but here are some things to think about:
Many states determine the value of the retirement assets to be split based on the official date of separation, not divorce. If you separate in February 2008 but don't divorce until sometime in 2009, the courts may direct you to divide the assets (the specifics will be determined by your settlement) as of February 2008. With this in mind, if your husband is about to get a bonus or retirement payout in April, you will benefit from separating after that date, and if you're expecting a big bonus a few months down the line, the same is also true for him.
If you intend to leave the house to your husband, insist that he refinance immediately and take your name off the mortgage. If your name is on it and your husband defaults or gets behind in the payments, it will affect your credit score and you'll be responsible for those payments, too. Don't let that happen.
Make copies of all your most recent financial statements, so there's an accurate record of all the money to be split. Long after the divorce is final, you can still be held liable for debt your ex-husband accumulated while you were married, even if it was in his name only.
Make sure you know about all credit cards that were taken out during your marriage. If you have cards with balances on them, pay them off now, then close those accounts. If you're not able to do that, the settlement should address a repayment schedule.
Social Security is also a big consideration. If you've been married for at least 10 years, you qualify to receive half the amount of your husband's benefits when you reach full retirement age. If half of his benefits are more than all of your benefits, you could choose to receive his instead. Even after the divorce, if your ex-husband dies, you'll be entitled to survivor's benefits starting at age 60. If you remarry before turning 60, you won't be eligible to receive payments from your ex-husband, unless that second marriage ends.
For more information on divorce and Social Security benefits, call the Social Security Administration at 800-772-1213 or go to www.ssa.gov.
Remember, settle for nothing less than what you deserve. And here's to a new happily ever after.
Many states determine the value of the retirement assets to be split based on the official date of separation, not divorce. If you separate in February 2008 but don't divorce until sometime in 2009, the courts may direct you to divide the assets (the specifics will be determined by your settlement) as of February 2008. With this in mind, if your husband is about to get a bonus or retirement payout in April, you will benefit from separating after that date, and if you're expecting a big bonus a few months down the line, the same is also true for him.
If you intend to leave the house to your husband, insist that he refinance immediately and take your name off the mortgage. If your name is on it and your husband defaults or gets behind in the payments, it will affect your credit score and you'll be responsible for those payments, too. Don't let that happen.
Make copies of all your most recent financial statements, so there's an accurate record of all the money to be split. Long after the divorce is final, you can still be held liable for debt your ex-husband accumulated while you were married, even if it was in his name only.
Make sure you know about all credit cards that were taken out during your marriage. If you have cards with balances on them, pay them off now, then close those accounts. If you're not able to do that, the settlement should address a repayment schedule.
Social Security is also a big consideration. If you've been married for at least 10 years, you qualify to receive half the amount of your husband's benefits when you reach full retirement age. If half of his benefits are more than all of your benefits, you could choose to receive his instead. Even after the divorce, if your ex-husband dies, you'll be entitled to survivor's benefits starting at age 60. If you remarry before turning 60, you won't be eligible to receive payments from your ex-husband, unless that second marriage ends.
For more information on divorce and Social Security benefits, call the Social Security Administration at 800-772-1213 or go to www.ssa.gov.
Remember, settle for nothing less than what you deserve. And here's to a new happily ever after.
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