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Rich bankers look for reduced divorce settlements

It seems that the economy is forcing some ex-husbands to head back to court to get their financial settlements reduced, as they claim they can’t afford to pay the money originally awarded by the divorce courts. Most of the men looking to get the settlements reduced are city bankers who have had their bonuses cut due to their bank’s poor performance.

Divorce lawyers in London are currently taking on city banker clients in a bid to get their settlements reviewed in court. One divorce lawyer, Sandra Davis, stated in an interview with The Independent:

We have had a number of male clients who have been forced to renegotiate settlements where maintenance awards were substantial. These were based on projected bonuses and salary levels which have not been sustained in the economic downturn.

Sandra Davis has acted for many high profile and celebrity clients in the divorce courts.

Another London divorce lawyer, Mark Harper, explained the problem about how city bankers have had their bonuses cut, meaning they don’t have the money available to pay settlements that were awarded in more profitable times:

There is plenty of litigation in this area. Divorced bankers on, say a £150,000 salary, who had relied on million-pound bonuses, are certainly trying to have their spousal maintenance reduced. This is more likely to be where a deal has not yet been formalised by a court order.

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