Insurance Tycoon told to pay record UK divorce settlement

LONDON – A British judge has awarded the ex-wife of an insurance magnate 48 million pounds in what is believed to be the biggest contested divorce award in British legal history.

The case of John and Beverly Charman is likely to be studied closely by lawyers negotiating the divorce payoff between Paul McCartney and his estranged wife Heather Mills. High Court Family Division judge Justice Paul Coleridge said on Thursday Beverly Charman was entitled to the massive pay-out, though not the 50 per cent she had sought.John and Beverley Charman met at school in 1969 when they were teenagers before they divorced in 2003 after 27 years of marriage.During their time together John Charman amassed 150-160 million pounds from the London insurance market, according to the judge.Coleridge said Beverly Charman had played a part in the accumulation of the wealth, but also recognised the specific talents of her former husband.He said that while fairness dictated the fortune should be split 50-50, apart from sums set aside in trust for their two children, he alloted John Charman a larger portion.”Both played their full part in the marriage.However, this is a case, in that very small category, where, wholly exceptionally, the wealth created is of extraordinary proportions from extraordinary talent and energy.”He said that in percentage terms Beverly Charman would get just under 37 per cent of the total assets.”The husband will accordingly retain just over 63 per cent.I fully intend the difference which also reflects the fact that the wife is getting cash (if she wants it) and the husband will continue to operate and have a significant stake in one of the most risky fields – high insurance.”John Charman said he was unhappy with the ruling and would appeal.”This judgement is poor and blatantly discriminatory.The size of the award is grotesque and unfair,” he said in a statement.”I made a fair and open offer to my wife of 20 million pounds, which would be impossible for any reasonable person to spend in their lifetime,” said Charman, now resident in Bermuda.Nampa-ReutersHigh Court Family Division judge Justice Paul Coleridge said on Thursday Beverly Charman was entitled to the massive pay-out, though not the 50 per cent she had sought.John and Beverley Charman met at school in 1969 when they were teenagers before they divorced in 2003 after 27 years of marriage.During their time together John Charman amassed 150-160 million pounds from the London insurance market, according to the judge.Coleridge said Beverly Charman had played a part in the accumulation of the wealth, but also recognised the specific talents of her former husband.He said that while fairness dictated the fortune should be split 50-50, apart from sums set aside in trust for their two children, he alloted John Charman a larger portion.”Both played their full part in the marriage.However, this is a case, in that very small category, where, wholly exceptionally, the wealth created is of extraordinary proportions from extraordinary talent and energy.”He said that in percentage terms Beverly Charman would get just under 37 per cent of the total assets.”The husband will accordingly retain just over 63 per cent.I fully intend the difference which also reflects the fact that the wife is getting cash (if she wants it) and the husband will continue to operate and have a significant stake in one of the most risky fields – high insurance.”John Charman said he was unhappy with the ruling and would appeal.”This judgement is poor and blatantly discriminatory.The size of the award is grotesque and unfair,” he said in a statement.”I made a fair and open offer to my wife of 20 million pounds, which would be impossible for any reasonable person to spend in their lifetime,” said Charman, now resident in Bermuda.Nampa-Reuters