Heather Mills Cashes In

Well the preliminary figures are in, and reports suggest that Heather Mills's divorce settlement from ex-Beatle Paul McCartney will work out to a mammoth £46 million, with an immediate lump sum payment of £25 million, and maintenance fees of up to £1.5 million per year for their daughter Beatrice, until she turns 18. WOAH.

That's, umm, a whole lotta millions. And let's not even try doing the math to figure out what those numbers equal in American dollars, because seriously, my head might explode.

More details after the jump...

The Daily Mail reports:

Miss Mills, 40, had been fighting for £2.5million a year from 65-year-old Sir Paul to cover such costs as security for her and her daughter.

But she is understood to be expecting much less in the final agreement, which is also linked to a confidentiality clause.

Mr Justice Bennett is yet to officially tell either party his decision on the level of any annual payment – if indeed any is given.

Details of the settlement were reportedly contained in a preliminary High Court judgment sent to the estranged couple and their legal advisers this week.

The official verdict will be handed down on Monday, bringing an end to one of the most costly and acrimonious divorce battles in British history. Legal bills alone could be as high as £10million.

The judge sent each team of lawyers his preliminary judgment on the lump sum this week under strict orders not to reveal the contents.

Neither party is likely to object to the basic details being divulged.

A source said: “On an analysis of the case law, Mills was always going to receive around £25million. I think it’s fair to say the judge has not erred from that.

So we'll find out Monday if all of these reports are true, but I think it's safe to say that whatever the precise figures, Mills is going to be a very, VERY wealthy woman. Perhaps this new financial security will dissuade her from any future televised dance competitions. We the viewing public can only hope.

source

Comments

[chatty cricket]

Isn't that somewhere in the neighborhood of...

FIFTY MEEEEELLION DOLLARS?

[sweetney]

chatty cricket: yesssss, heather loves gooooooooold!

[LLori]

Our $ is worth half of their British pound. She'll be taxed on that amount. Not knowing their taxes ...perhaps she'll see $12 million (U.S.). Isn't Sir Paul in the 1.6 billion $ region? I think he hates all this & has made quite a stink. Hope he will be decent man with his child & quit the fight w/Heather. They were married after all.

[LLori]

Our $ is worth half of their British pound. She'll be taxed on that amount. Not knowing their taxes ...perhaps she'll see $12 million (U.S.). Isn't Sir Paul in the 1.6 billion $ region? I think he hates all this & has made quite a stink. Hope he will be decent man with his child & quit the fight w/Heather. They were married after all.

[Monica]

Yes, the US$ is worth about half the British pound, but that means the starting amount is 50 million US dollars. I'm not sure how the british tax laws deal with it, but it's a division of marital assets, not income so the lump sum likely wouldn't be taxable.

Usually if maintenance payments are considered income and taxed, they are a tax deduction for the payor, so Go Go Sir Paul :)

[jamiegp]

yeppers Llori I hear Sir Paul is worth about $1.6 billion -- in pounds I heard 825 (I'll learn to make that little British pound symbol someday)... so I don't think he need be sweating the 25... In fact, doesn't he have enough money to buy his catalog back from Jacko if he wanted to? Or did that already happen?