Paul McCartney Separates From Wife

[Lois Lane]

Originally Posted by Stargazer

I didn't mean to be a downer for this thread.

Stargazer, you're not a downer!! And I hope my posts didn't make you feel that you were! If so, shame on me. I love your posts... Like I said, I don't agree with a lot of things a lot of people say (sometimes even myself! hee hee) but I love reading everyone's opinions, especially when they're different than mine.

The thing about the protection of Beatrice the Beatle Baby has me wondering...do the other children have protection as well? Not just the McCartneys, but George's son Dhani, Sean and Julian Lennon, Ringo's children etc.?

[Google]

 

[Rattus]

Originally Posted by Igotalife

So as far as even the mention of a "nice settlement" for Heather, I say why? 4 years...what was her salary before they married? If she quit work to be at home for the marriage, okay, pay her what she used to make with a reasonable escalation. Child support? Absolutely!!! But mommy support? No.

Sorry to sound brutal...I wish no ill will on anyone, but I have little understanding/tolerance of entitlement attitudes, even when you find yourself in a "marrying up" situation that fails. If Paul wants to give her $100 + million, good for them if it makes them happy, but personally, I don't get the reasoning.

If its intended for the child, then don't call it a settlement, call it child support and make sure it goes to the child.

I am in absolute agreement with this. It's not like we're living in the '50s and a woman has no recourse if she separates from her husband (no credit, unable to find work, etc.) If the two parties have made a joint decision that the wife stay home to look after the house and the kids, then absolutely she should receive support until she gets her life on track. But part of the package that comes with the benefits wrought by the women's movement over the years is that women are now responsible for themselves and their lives. And I believe that Heather has her own income.

[Lois Lane]

This is just in from London...oh dear... (I've put in bold the things that I thought were relevant)...

http://news.aol.com/entertainment/mu...00010000000001

Paul McCartney Could Lose Quarter of Fortune
Heather Mills Could Get 'Huge Chunk' in Divorce
By Paul Majendie
Reuters
LONDON (May 18) - Former Beatle Paul McCartney could lose up to a quarter of his estimated $1.56-billion fortune after separating from his second wife Heather Mills, legal experts said on Thursday.

That would equate to roughly $1.9 million for every week of their short-lived four-year marriage.

McCartney, 63, and former model Mills, 38, announced their separation on Wednesday, blaming media intrusion for the collapse of one of the most high profile showbusiness marriages.

Lawyers believe the divorce would never be allowed to degenerate into a messy court case but they said McCartney's decision not to seal a pre-nuptial deal could cost him dear in a private settlement.

The couple, who have a two-year-old daughter, Beatrice, met in 1999 at a charity event, a year after the death from breast cancer of McCartney's first wife Linda Eastman.

Lawyer Mark Stephens of Finers, Stephens and Innocent told Reuters: "Heather and the child need to be looked after financially. I think you are looking at 150 million to 200 million pounds ($283-377 million)."

"She is the child of a Beatle and they have to live in a cosseted and protected environment," he said, recalling the killing of John Lennon by a crazed fan and the attempt on the life of George Harrison .

Independent legal estimates on how much Heather could get are based on a recent high profile divorce dispute between fund manager Alan Miller and his wife Melissa.

She was awarded five million pounds of his 20 million pound fortune after a childless marriage that lasted less than three years. The House of Lords, Britain's highest court, is to make a final ruling on the case next week.

After their separation was announced, McCartney denied that Heather had ever been attracted to his fortune, estimated by the Sunday Times Rich List at 825 million pounds ($1.56 billion).

"It's been suggested that she married me for the money," he said. "There is not an ounce of truth in this."

In an interview before her marriage, Mills said she had offered to sign a pre-nuptial agreement but McCartney had turned down the offer.

"The acid test is now," said Stephen Foster, head of the divorce department at Stewarts. "I think it would be a big award. I wouldn't be shocked if it is 100 million pounds."

"He famously didn't sign a pre-nup as he said it was unromantic. If they don't resolve things amicably and it becomes a protracted court case, that could be a very expensive decision," he said.

"If Paul and Heather had any sense -- and I am sure they do --- they would both seek top quality independent advice from lawyers and accountants and settle this round a table. Is it in anyone's interest to be front page news for a year?"

[dahoney7]

I wasn't really surprised. I feel bad for their little girl though.

[JR.]

Originally Posted by Igotalife

As far as the pre-nup thing, personally I don't like the idea of them. But, I also don't believe that just because you marry into money that you are entitled to one dime of that fortune if you didn't help create it. Then whatever the "marriage" jointly created wealthwise, then its up for grabs.

So as far as even the mention of a "nice settlement" for Heather, I say why? 4 years...what was her salary before they married? If she quit work to be at home for the marriage, okay, pay her what she used to make with a reasonable escalation. Child support? Absolutely!!! But mommy support? No.

Sorry to sound brutal...I wish no ill will on anyone, but I have little understanding/tolerance of entitlement attitudes, even when you find yourself in a "marrying up" situation that fails. .

Sadly, there are a lot of women that don't think this way, so guys with money feel that pre-nups are needed. The money should be there for the kid, not so she can buy shoes.

You need to spread the word

[Pomeraniac]

Originally Posted by JR.

Sadly, there are a lot of women that don't think this way, so guys with money feel that pre-nups are needed. The money should be there for the kid, not so she can buy shoes.

You need to spread the word

I agree with Igotabloodygoodheadonmyshoulde rs so I'll help her spread the word, too!!
______________________

I heard on TV tonight that Heather stands to inherit a big chunk of cash, much of which Paul, himself, inherited from Linda when she passed away. Below is a (five year old) BBC article that gives details on Linda’s estate:


LINDA LEAVES FORTUNE TO PAUL

Read All About It HERE


The Real McCartneys


Linda McCartney has left her entire fortune to her husband Sir Paul in a trust fund that makes her estate virtually free from taxes.

The American-born photographer, animal rights campaigner and businesswoman died on 17 April 1998, aged 56, after a long battle with breast cancer.

Her will, filed in a New York City court, bequeaths everything to James Paul McCartney in a "qualified domestic marital trust".

The will does not state the monetary value of Lady McCartney's estate except to say that it is more than $1m (£636,000). However, her vegetarian food business alone was last estimated to be worth $60m (£38m) a year.

Sir Paul, 57, who was married to Linda McCartney for 29 years, will receive the net income from the trust in quarterly payments. He will also have access to as much of the principal amount as he wants for the rest of his life.

Royalty Payments

The will also states that the former Beatle - who is himself worth an estimated £500m (£318m) - should benefit from royalties from books, records and any payments for the use of his wife's photographs.

If Sir Paul dies, the estate will be shared between her four children: Heather, 37, a daughter by her first marriage, and Mary, 28, Stella, 27, and James, 22, from her marriage with Sir Paul.

However, the will is said to make no formal provision for the animal charities Lady McCartney supported with vigour right up until her death.

During her lifetime Lady McCartney carved herself several successful careers and became a millionaire independently of her pop star husband.

As well as being an acclaimed photographer, she wrote music and in 1991 launched her own international line in mainstream vegetarian foods.

British death duties on a will such as hers would be up to 40%. But by maintaining her US citizenship, Lady McCartney made sure her will would be filed in the States, thus exempting her husband from all federal, state and city taxes.

[AJane]

Originally Posted by JR.

Sadly, there are a lot of women that don't think this way, so guys with money feel that pre-nups are needed. The money should be there for the kid, not so she can buy shoes.

Well...Heather only needs the one shoe...

Yes, that was tasteless. I couldn't help myself. Anyway, I kinda feel for Heather here. Who says she's planning on taking Paul to the cleaners? The media is reporting this is an amicable split, so my guess is that they've already hammered out a financial settlement. If Paul wants to give her some money, who are we to say that's wrong?

[Marleybone]

Originally Posted by AJane

I kinda feel for Heather here. Who says she's planning on taking Paul to the cleaners? The media is reporting this is an amicable split, so my guess is that they've already hammered out a financial settlement. If Paul wants to give her some money, who are we to say that's wrong?

I agree AJane. Linda was a millionaire in her own right, but Paul has his own wealth, so I don't really see how Heather would necessarily be getting Linda's inheritance. Paul has plenty of his own money, and even if Heather gets "a quarter" of his fortune it's not like he won't have enough left to live on.

[Lois Lane]

Do we have any legal experts here who can verify? But I don't think a trust can be taken as part of a divorce settlement. When my friend got divorced, she had a sizeable inheritance that her now exhusband couldn't touch.

I really hope this plays out well--Heather gets something nice to live on, their baby is well provided for (and loved by her brother and sisters), and Paul eventually finds someone and marries again (or not). He seems like a nice guy.

[myrosiedog]

I read where Bill Gates was planning to leave each of his kids 1% of his fortune and they had to work, they were not getting a free ride.

Still 1% of what he has is still a lot of money.

The time article about them and Bono was very good. Gates gave his dad an 80th birthday present that was something like $80,000 to a charity his dad supported. He and his wife believe in giving back and don't want the kids spoiled with all the money.