Latest news with #financialsettlement
Yahoo
6 days ago
- Entertainment
- Yahoo
Justin Bieber Settles Financial Dispute With Scooter Braun for $31.5 Million Over Scrapped ‘Justice' Tour Dates, Commissions
Justin Bieber has reached a financial settlement with former manager Scooter Braun, agreeing to pay a total of $31.5 million to resolve a dispute stemming from the cancellation of his 2022 'Justice' tour, according to multiple media reports. Bieber, who released a self-produced album 'Swag' ahead of the weekend, will pay $26 million to Braun to reimburse an advance from concert promoter AEG Presents, TMZ first reported, citing sources familiar with the financial dispute. More from TheWrap Justin Bieber Settles Financial Dispute With Scooter Braun for $31.5 Million Over Scrapped 'Justice' Tour Dates, Commissions Boy George Says Childhood Bullying Spurred His Career: 'Embrace Being Different' T.I. and Tiny's OMG Girlz Copyright Case Readies for Another Retrial After Judge Slashes $71 Million Award Oak View Group CEO Tim Leiweke Indicted by DOJ for Rigging Bids on Texas Arena Purchase No lawsuit was ever filed. People confirmed the report Saturday. Messages sent to lawyers for the parties were not immediately returned. Braun's company, HYBE, covered the repayment to AEG after the tour was scrapped. Bieber had agreed to pay back the amount but reportedly made only a single payment. In addition, Bieber will pay $5.5 million to settle a portion of $11 million in unpaid commissions owed to Braun, bringing the total to $31.5 million. Bieber sold his 291-song catalog to Hipgnosis Songs Capital for $200 million in 2022; a May 2025 documentary claimed the sale was prompted by mounting debts following the tour's cancellation. Bieber and Braun ended their 15-year professional relationship in 2023. Sources told People that Braun's team had no involvement in Bieber's current album and that the relationship had 'run its course,' though Braun posted praise for the artist over the weekend, and expressed admiration for 'Swag.' Braun announced his retirement from music management in June 2024. He stepped down as CEO of HYBE America in July and now serves as a consultant. The post Justin Bieber Settles Financial Dispute With Scooter Braun for $31.5 Million Over Scrapped 'Justice' Tour Dates, Commissions appeared first on TheWrap.
Daily Mail
02-07-2025
- Business
- Daily Mail
Landmark Supreme Court ruling on how assets are split in divorce 'will trigger boom in US-style prenups'
A Supreme Court ruling on how cash earned before a marriage should be divided in a divorce is set to herald a boom in US-style prenuptial agreements, lawyers have said. Today the UK's highest court ruled that a retired banker who gave his wife almost £80million to avoid inheritance tax will not have to split the money with her equally following a divorce. The landmark ruling clarified that money earned by one partner before a marriage does not automatically become 'matrimonialised' - and thus shareable in a divorce - if it is transferred to the other partner. However lawyers said the judgment paves the way for a boom in pre- and post-nups as the ruling states that the intention behind a transfer of cash between partners is crucial in deciding who gets what in a divorce. Five Supreme Court justices ruled today that Clive Standish, 72, is entitled to keep the largest share of almost £80million he had transferred to his ex-wife Anna Standish, 57, because most of the money had been earned prior to the marriage. The former chief financial officer of banking giant UBS had transferred the money to his wife, who is Australian, to take advantage of her non-dom status and avoid paying £32million in inheritance tax following changes to the law. Mr Standish expected his wife to use the money to establish two offshore trusts, but she never did and so remained the sole owner when divorce proceedings began. In 2022 the High Court decided that Mrs Standish should receive £45million of the family's £132million total wealth. But this was later overturned by the Court of Appeal which reduced Mrs Standish's share to £25million. Today the Supreme Court upheld the Court of Appeal's decision with a ruling that will affect how wealthy people plan their finances and estates - particularly following Chancellor Rachel Reeves' inheritance tax changes. Lord Burrows and Lord Stephens said in their ruling: 'In short, there was no matrimonialisation of the 2017 assets because, first, the transfer was to save tax, and, secondly, it was for the benefit of the children, not the wife. 'The 2017 assets were not, therefore, being treated by the husband and wife for any period of time as an asset that was shared between them.' Lawyers said the ruling will spark an increase in couples signing US-style pre- and post-nuptial agreements in order to avoid similar lengthy and costly legal battles. Pre-nups - a contract which state how assets are divided in the event of a divorce - are not legally recognised in England and Wales but are common in the United States and Europe. But such agreements are generally respected by the courts following a 2010 Supreme Court ruling, although it is currently left to the discretion of judges. In December the Law Commission, the independent body which recommends legal reform to Parliament, proposed formally recognising pre-nups in UK law. The Government has a year to respond in full to the proposals. Claire Reid, a partner at Hall Brown Family Law, said: 'Given the recent changes to the Inheritance Tax rules announced by the Government, there are likely to be many individuals undertaking the kind of estate planning that Mr and Mrs Standish were. 'Wealthier spouses will now be alive to the need to formalise the terms of any transfers of cash or other assets even more clearly to avoid falling into the same complicated situation. 'That will probably mean ensuring that there are very carefully worded pre- and post-nuptial arrangements put in place to protect them from any future claim of the sort made by Mrs Standish.' Stephanie Kyriacou, managing associate in family law team at Freeths lawyers, the case 'adds renewed relevance to pre-nuptial and post nuptial agreements for high-net-worth individuals, particularly where tax planning, inherited wealth or business assets are concerned'. Ms Reid added: 'Even allowing for the fact that properly drafted nuptial agreements are regarded as persuasive by the courts, they still don't have full legal weight, 15 years after another landmark Supreme Court ruling. 'Therefore, this latest judgement will add pressure on ministers to outline what they intend to do regarding the Law Commission's suggestions that legislation governing financial settlements on divorce might be overhauled.' The Supreme Court ruling came on the same day that official figures showed divorce numbers had returned to pre-Covid levels after falling during the pandemic - with this driven largely by women. The Office for National Statistics (ONS) figures showed that 103,816 dissolutions were recorded in England and Wales in 2023 - including 102,678 marriages and 1,138 civil partnerships. The majority of marriages now end through so-called 'no fault' divorces or dissolutions for the first time following a change in the law in 2022 - with 74.2 per cent of divorces 'no fault' in 2023. However despite the introduction of joint divorce applications, the figures show that almost three-quarters of divorce proceedings were still initiated by one party alone. The ONS figures show that women are the driving force behind divorce - whether it be in opposite or same-sex marriages. Women accounted for 50,164 sole applications for divorce in 2024 out of a total of 100,787 - with 29,123 divorce applications made solely by men and 19,743 joint applications made by both partners. The figures also show that same-sex divorces have increased four-fold in the last five years and that last year women made 65 per cent of all applications for divorce in same-sex marriages. Women in same-sex relationships made 839 sole applications for divorce last year and 378 joint applications - compared to 427 sole applications and 247 joint applications for men in same-sex relationships. The figures also show that the average length of a same-sex marriage that ends in divorce is significantly shorter for women in same-sex relationships. The median duration of marriages that ended in divorce was 12.7 years for opposite-sex couples and 7.2 and 6.3 years for male and female same-sex couples respectively, according to the ONS.
Daily Mail
11-06-2025
- Business
- Daily Mail
How quickly can you get a divorce? Common snags and how to avoid time consuming disputes
A modern 'no fault' divorce takes a minimum of 26 weeks but they often drag on much longer, say lawyers. Disputes over money are the most common sticking point, but others include delays in the court process, agreeing child care arrangements, holes in paperwork, and changing solicitors during the process. There are 1.4million internet searches a month for 'divorce' but around 80k take place a year according to the most recent official data, says law firm Weightmans. 'All legal divorces are subject to the same minimum timeframe of 26 weeks,' it explains. 'Mainly it can take longer because of the time needed to resolve disputes over finances. It can be extremely important not to finalise your divorce until a financial settlement is reached.' Financial settlements are usually worked out in parallel with the divorce process, and although they can be concluded afterwards it is not recommended. This is because complications can arise if one spouse dies, or gets remarried, before money issues are finalised. 'At its quickest, a divorce will take around seven months from the issuing of a divorce application through to a Final Order,' says James Osborne, a partner in the family team at HCR Law. 'For both divorce and financial matters to be concluded amicably, the norm is nearer to eight to nine months. 'If there's a disagreement over the financial aspect, the timeframe is usually around 10 to 18 months.' What are the usual hurdles to getting a quick divorce? The most common delays involve disputes over finances or children, according to Weightmans. Court delays can also cause problems, and so can incomplete paperwork, it adds. 'For example, the initial application for a divorce or dissolution, the D8 form, must be properly completed before proceedings can start.' 'It's important to be aware that whether you apply for a divorce on your own or as part of a joint application, the process will still be expected to take the same amount of time.' Weightmans says family law solicitors recommend that financial arrangements are addressed first, to avoid common causes of delay like disclosure issues, and disputes regarding property, pensions, or maintenance. 'Other potential delays may stem from court backlogs, a change of solicitors by either party, or particularly complex financial circumstances.' James Osborne of HCR Law says: 'Sorting out the finances is often the biggest sticking point. 'If a couple are unable to agree on how to divide their assets, particularly the most valuable things such as property and pensions, it can really slow things down. 'Often, they will end up going to court or using a mediator or another form of alternative dispute resolution to reach an agreement because it is standard practice to delay finalising the divorce until the financial matters have been resolved.' How to speed up a divorce Weightmans offers the following tips. - Get your documents in order to prepare for the divorce proceedings. This can include your marriage certificate, filling in the required D8 form, and starting to think about financial arrangements by gathering together information such as property agreements and bank statements. - Make sure you're prepared emotionally for the proceedings. If you're able to, seek advice from a therapist, close friendship group, or family members to make sure you have the support to navigate the coming months if you feel it necessary. - Seek expert advice from a lawyer before you start divorce proceedings so they can prepare you for the process, explain timelines, forms, and the actual proceedings themselves. - Know what outcomes you want ahead of the proceedings. Osborne adds: 'Getting advice from a solicitor as soon as you separate, being open and prompt when sharing financial information, and agreeing as early as possible on key issues such as who gets the family home can all help to make the process quicker and less stressful.' Meanwhile, divorcing couples who can afford it are increasingly turning to private judges to reach quick and confidential financial settlements. This involves a hearing set up by the spouses where a hired judge - usually a barrister or retired judge - gives them an indication of how a court would probably rule in their case. The couple generally then reach a Financial Dispute Resolution, which becomes a financial settlement that still needs to be ratified by the court, but that stage is typically handled over email. The cost varies widely, from £2,000 for a straightforward hearing to £10,000 for a complex case with an experienced judge. But lawyers say hearings can be arranged quickly, avoiding long delays in the family court, and publicity under new transparency rules.
Emirates 24/7
08-05-2025
- Business
- Emirates 24/7
Abu Dhabi Civil Family Court settles largest divorce case in region worth AED100 million
The Abu Dhabi Civil Family Court, part of the Abu Dhabi Judicial Department, has settled a record-breaking no-fault divorce case involving a foreign couple, with a financial settlement exceeding AED100 million (US$27 million). It is the largest reported divorce settlement of its kind in the GCC region and highlights Abu Dhabi's status as a leading international legal centre. The couple, previously married in the United Kingdom, filed for a no-fault divorce before the Abu Dhabi Civil Family Court which was granted in less than 3 weeks within one court session, under the swift and progressive rules of the Abu Dhabi Civil Marriage Law No. 14 of 2021, which introduced, for the first time in the Arab region, civil non-religious rules governing the family affairs of foreigners including civil marriage, no fault divorce, civil wills and probate. The couple reached a comprehensive financial settlement through the court, in coordination with one of the UK's reputable family law settlement confirms the growing international confidence in the country's legal system, the couple's decision to choose the Abu Dhabi Judicial Department was based on the distinguished reputation of the local courts and the legislative and procedural developments they are witnessing. The Abu Dhabi Civil Family Court is the only Family Court in the Gulf region where proceedings are conducted bilingually in English and Arabic. Its procedures are conducted by a specialized legal team, including lawyers from Britain, to prepare the case, ensuring that foreign litigants can fully understand and navigate the process with transparency and legal certainty. This case is part of a growing number of complex family disputes being brought before Abu Dhabi's courts by international parties, particularly high-net-worth individuals seeking modern, fair, and accessible legal procedures. This development reflects the Emirate's commitment to building a world-class legal and judicial framework for expatriates family matters, comparable to those in the best international practices like the UK, United States, and Scandinavian countries — further enhancing Abu Dhabi's attractiveness as a destination for residence, work, and investment. Follow Emirates 24|7 on Google News.
