So why is the UK such an attractive option for HNWIs seeking payouts from former spouses?
Under Part III proceedings, Mrs Potanina’s pay-out may be similar to that of the original divorce and financial remedy proceedings had taken place in England.
Ms Turner says: “Under English law, the starting point is a 50/50 division of all the parties’ assets unless one party can explain to the court why there should be an unequal division.”
She continues: “For example, if one party has the care of young children; if it is a short marriage; if there is a pre/postnup; if there are significant assets which were acquired before the marriage.
“There may be a distinction between matrimonial and non-matrimonial assets; pre-acquired assets or inherited assets may be ring-fenced.”
She continues: “However, even if the assets are ring-fenced they may be invaded if there are insufficient marital assets to meet a party’s needs.”
In terms of what Mrs Potanina can receive, will depend on all the circumstances of the case.
Ms Turner says: “Under the Part III proceedings, the court will look at any financial benefit which Mrs Potanina has already received in Russia, and the court will not allow her to receive an award higher than she may have received had the proceedings initially been initiated in England.
“The award should ensure Mrs Potanina has enough to meet her reasonable needs.
"Reasonable needs for a billionaire will be far higher than those of your average English family so any pay-out is likely to be hugely significant.”
She adds: “As not all proceedings take place in open courts, the biggest divorce settlement in England is unknown.
“Some of the wealthiest users of the English court system successfully manage to keep their affairs private and out of the public domain.”
Pre and postnups frequently feature in such cases but are also growing in popularity among young couples.
However, Ms Turner adds that prenups are not automatically enforceable in England and frequently the drafting of the documents – with no disclosure, and wives put under severe pressure to sign them with no legal advice – renders them inadmissible and worthless.
victoria.ticha@ft.com
