It’s time to put your super sleuth hats on.
News has come out today from the family court that a well-known frontman of a hugely successful Australian band has won his divorce battle, and will compelled to pay only $3.3 million in the settlement, rather than the 50% his wife was seeking.
According to News Limited, the pair cannot be identified because the matter is in the Family Court, but we’ll leave it to the rest of you to speculate on who it might be.
Here’s what we can tell you. The pair were married for eight years before separating, and the man is in his 40s and worth almost $13 million.
He was the songwriter and frontman for a spectacularly successful Aussie band, toured overseas extensively, and continues to earn significant income from royalties he receives from his songwriting.
According to statement made in court, the man can expect to continue to receive royalties for some time as the group’s success and profile means it is likely his music will continue to be sold, played, and licensed for the foreseeable future.
He had also dabbled in investment property, buying $6 million worth of real estate just prior to the global financial crisis.
That gamble ended up costing him and his family $3.4 million, and his ex-wife had asked the judge to disregard the failed investment in the settlement and award her half the money he was worth prior to his investments.
Lawyers for his ex-wife said she had no part in the ill-advised deals and the loss should not count against her. But the judge disagreed, saying the real estate move was not risky at the time.
The judge also disregarded that the man had generously provided for his wife since their separation of eight years of marriage, after they met when the woman worked in a restaurant had a car and $10,000 to her name.
In her judgement, Justice Judith Ryan said that the wife’s “heavy responsibility” as a homemaker while her ex-husband toured overseas was of significance and needed to be recognised in the financial settlement.
“Her commitment to this role meant that the husband could pursue a full and active role in the group, confident that his home life and parental responsibilities … were competently met,” she said.
The man had asked the Family Court for 85 per cent of their wealth, but Justice Ryan instead ordered the husband receive $9.4 million and the wife $3.3 million.Write a Letter to the Editor