London Status As ‘Wife-Friendly Divorce Capital’ At Stake In Trader Ruling

London

London’s status as a 'wife-friendly divorce capital' is at stake in a U.K. Supreme Court ruling over access to an oil trader’s properties held by offshore companies.

Bloomberg reports that Yasmin Prest is suing three companies controlled by her ex-husband, Michael Prest, to cover part of a $27m 2011 divorce accord, which he hasn’t complied with, according to documents filed with the Supreme Court.

The U.K.’s highest court will rule Wednesday on the case, which could have far-reaching implications for future divorce cases in England, according to family lawyers.

The outcome of the case, which has seen family and commercial courts collide, may affect London’s reputation as what U.K. Court of Appeal judges have dubbed the divorce capital of Europe. Past divorce case rulings by courts in the British capital have tended to favor the spouse with fewer assets.

'If the wife loses, the decision will tarnish London’s image as a wife-friendly divorce capital', William Healing, a lawyer at Kingsley Napley, said. If the three Isle of Man-based companies win, the courts 'will have allowed the husband to drive a coach and horses through the principle of fair sharing of assets', he said.

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London Status as ‘Wife-Friendly Divorce Capital’ at Stake

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