Millionaire loses his millions during divorce settlement

A judge has ruled that a businessman’s “destructive behaviour” toward his ex-wife should mean that he is only entitled to 1.5 per cent of their proposed multimillion pound divorce deal.

45-year-old Richard Rothschild protested that after splitting with Charmaine de Souza, following a 21-year relationship, that he was left with just £26,000, while she was awarded £1.73 million.

As part of the settlement Mr Rothschild had been awarded the couple’s £2.38 million Miami apartment which, after repaying debts and further liabilities, had led to his share of the net assets equating to a lowly £26,000.

Mr Justice Cohen, who ordered the split of the couples wealth last year, said Mr Rothschild had “brought it on himself” because he had run up a massive legal bill with his “vindictive and irrational” behaviour.

In September this year the Court of Appeal rejected Mr Rothschilds’ legal battle to prove the order was unfair.

The couple, who have two children, were married in 2005 while building up a telecoms business. During their somewhat contentious divorce the couple ran up legal bills of £1 million.

The court heard that the couple enjoyed a good lifestyle but split in 2016. Their first clash in court occurred in 2018 when Ms de Souza applied to get Mr Rothschild jailed for contempt of court. This was subsequent to Mr Rothschild moving his then-girlfriend, Playboy model Sherra Michelle, into the couple’s Miami apartment.

Lord Justice Moylan, whilst dismissing Mr Rothschild’s application at the Court of Appeal, said Mr Rothschild had set out to diminish the couple’s fortune by “wanton” overspending and “destructive behaviour” stating that “the legal costs would have been modest but for the husband’s conduct.”