The marital split of the businessman who owns the restaurants The Ivy and Le Caprice could result in the U.K.'s largest divorce settlement ever. According to reports, Richard Caring has moved out of the family home in Hampstead and is now living with the mother of his infant son in another area of north London. Residents in the Greater Manchester area may recall that, until now, the largest divorce settlement payout was for £337 million in 2014.
Caring is valued at £700 million, and an equal split with his wife will see him paying £350 million and setting a new record in the U.K. for a divorce settlement. Family courts have begun leaning towards limiting the timescale of maintenance payments for former spouses and this may have an impact on how a settlement is reached. But, while the multi-millionaire has been reported as being aware of the financial hit he may take, he is so wealthy that even losing half of his net worth will not affect his lifestyle.
The 68-year-old businessman has been married for 45 years and the couple have two sons. One is a senior figure in MTV Networks Europe while the other is employed by Soho House, where his father owns several branches. The business mogul includes personalities such as Richard Green in his social circle and is also famed for his fancy dress parties that have been attended by people such as Bill Clinton and Tony Blair.
The division of marital assets can be complex, and the changing trends in the decision making process of family courts can have a substantial impact on a divorce settlement. Individuals who are facing this situation may find that a solicitor who has experience with these matters could provide valuable advice.