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Divorce Law 101:  Which Former Spouse Gets the Half-Billion Dollar Yacht?

yacht on water

Divorce Law 101:  Which Former Spouse Gets the Half-Billion Dollar Yacht?

Upon deciding to split up, many couples have to squabble over things like who gets to keep the high-end coffee maker or toaster they received as a wedding gift.  But as divorcing spouses go, it is rare to have to argue over which of them gets the family’s CDN$584 million mega-yacht.

This was the plight of Russian billionaire Farkad Akhmedov and his former wife Tatiana.  As part of their 2016 divorce settlement – which is one of the costliest in the world – Farkad had been ordered by a U.K. court to pay over about 40 percent of his vast fortune to his ex-wife. But the ownership of the 115-metre mega-yacht called “Luna” was still under contention; when Farkad failed to pay Tatiana the CDN$795 million as ordered, she obtained a freezing order from a U.K. court in 2018 that purported to apply to Dubai, where the yacht was docked.  A Dubai court affirmed that the U.K. judgment declaring Tatiana the owner could be enforced.  Local Dubai authorities went ahead and impounded the vessel.

But recently, a Dubai Court of Appeal ruled in Farkad’s favour;  it agreed with his position that the yacht was part of a matrimonial dispute, not a maritime dispute, and that Shariah law should govern the ownership issue. Since the 2016 U.K. order relating to the yacht was ill-founded, the Dubai seizure was also improper.  The Appeal Court added that the Dubai ruling, purporting to find that the U.K. judgment was enforceable in that jurisdiction, was also in error.

It is unlikely that this will be the end of the matter: It is reported that Tatiana intends to resume pursuing her various marriage- and property-related claims in the U.K. courts.  It is also expected that the case will also be forwarded to another Dubai court for a further hearing.

Meanwhile, the mega-yacht is currently still docked in Dubai pending resolution of which of these former spouses is the owner, and under which jurisdiction’s laws.  The yacht is described as having nine decks, two helicopter landing pads, an on-board swimming pool, a mini-submarine, and space for 50 crew.

At Russell Alexander, Family Lawyers our focus is exclusively family law, offering pre-separation legal advice and assisting clients with family related issues including: custody and access, separation agreements, child and spousal support, division of family property, paternity disputes, and enforcement of court orders.  For more information, visit us at RussellAlexander.com

The Bezos fortune gets divided in a private divorce agreement and Amazon doesn’t miss a beat

The Bezos fortune gets divided in a private divorce agreement and Amazon doesn’t miss a beat

MacKenzie Bezos announced earlier today in a tweet that she and, now ex-husband, Jeff Bezos, have settled their financial affairs in a private divorce agreement. Though full details of the Agreement are not publicly available, MacKenzie declared she was “happy” to sign over 75% of the couple’s jointly owned stock in Amazon as well as voting control of her shares and her interests in The Washington Post and the Blue Origin aerospace company.

Following the news of the Bezos family settlement, Amazon’s stock price reportedly dropped by a mere 0.4%. The Bezos’ settlement out of court played a significant role in stabilizing the effect their separation would have on Amazon’s viability, and stock price. Consider the contrary, for a moment—had the Bezos’ litigated their family law dispute, personal financial details would have been made public record, and the very fate of Amazon may have been at the discretion of a family court judge—which could have resulted in an outcome felt around the world.

The success of the Bezos family settlement illustrates key benefits of resolving legal issues out of court: privacy, creativity and a controlled impact on the family business. These same benefits can be realized by family business owners who choose the collaborative process. Collaborative clients are empowered to privately resolve legal issues using creative solutions like share transfers, family trusts and delayed equalization, to name a few, to ensure an orderly transition, preserving the family business, and family legacy for generations.

We have published several other posts on the very topic of how the collaborative process can help family run businesses survive and thrive after divorce. To learn more, click here.

At Russell Alexander, Family Lawyers our focus is exclusively family law, offering pre-separation legal advice and assisting clients with family related issues including: custody and access, separation agreements, child and spousal support, division of family property, paternity disputes, and enforcement of court orders. For more information, visit us at RussellAlexander.com.

Judge challenges public defender to fist fight (and then loses job) – video

 

Wednesday’s Video Clip: Judge challenges public defender to fist fight (and then loses job)

Rejecting a recommended 120-day suspension and $50,000 fine for a Florida judge who challenged a public defender to a fistfight last year, the state supreme court on Thursday removed him from office.

Calling the June 2014 incident in Brevard County Judge John Murphy’s courtroom a “national spectacle” that was “fundamentally inconsistent with the responsibilities of judicial office,” the Florida Supreme Court said removal was the appropriate sanction…

So what do you think? Was this Judge entitled to have a ‘bad day’ or should he be removed from he bench?

At Russell Alexander, Family Lawyers our focus is exclusively family law, offering pre-separation legal advice and assisting clients with family related issues including: custody and access, separation agreements, child and spousal support, division of family property, paternity disputes, and enforcement of court orders. For more information, visit us at www.RussellAlexander.com.