What can Louise Redknapp expect to leave her marriage with?
With the news that Jamie and Louise Redknapp have been granted a divorce, what will now happen to their estimated £20 million fortune?
If they are unable to agree then they can ask the court to decide how their assets should be divided. The court has the power to make a number of different orders in relation to finances, and in coming to their decision will need to consider a number of factors.
The factors the court has to consider are set out in the Matrimonial Causes Act 1973. They are not a set formula, but rather a list of considerations the court must have regard to. It is possible that these wide-ranging factors could lead to different solutions on identical facts, all of which would be within the courts discretion. So what one footballer achieved on divorce will be highly unlikely to apply to Jamie and Louise’s case.
One of the factors to consider is the contribution of each party. It has been said that Louise Redknapp has spent the marriage focusing on the home and the children whilst Jamie has been the breadwinner. There is an erroneous assumption that money amounts to more in the eyes of a court than a domestic contribution. Jamie Redknapp spent his career in the limelight as a professional footballer and pundit, amassing a fortune an estimated 3 times larger than that of his wife. That does not mean that her contribution is not recognised though and it is highly likely that given the length of the marriage the court will consider her contribution to be just as equal as Jamie’s.
When considering the division of assets on divorce the starting point is a 50/50 split and you then look at reasons to depart from equality to achieve a result that the court considers to be fair. It will no longer be considered “fair” to attach less weight to the contribution of the party who acted as homemaker.
Despite the fact that the Redknapp fortune is mostly attributable to the earnings of Jamie, it looks like Louise could be set to walk away from the marriage with a substantial sum reflecting her significant non-monetary contribution over the years.
Bryan Scant is a Solicitor in the Family team