The singer Adele has reached a financial settlement with her former husband, Simon Konecki, nearly two years after their separation.
The couple began their relationship in 2011. They married in 2016, and have an 8 year old son. Their separation was announced in 2019, and Adele subsequently filed for divorce.
The parties submitted their settlement documentation with the court in Los Angeles last week. Their marriage will officially come to an end once this has been approved by a judge.
The LA court has previously ruled that the details of the settlement will remain private, however it has been reported that the parties will attend mediation to decide how their assets should be divided (reports state that they have already agreed to have shared care of their son).
In the UK, mediation is a confidential process in which an independent third party, known as a mediator, helps a separating couple to reach an agreement on issues such as the living arrangements for their children, the division of their finances, property and other assets.
Mediation can be a less stressful alternative to court proceedings, avoiding the heightened levels of tension and increased expense involved. It is a voluntary process, and therefore both parties must agree to attend. Parties are strongly encouraged to attend mediation before issuing court proceedings, unless there is a serious reason not to, such as where there is a history of domestic abuse.
In a case such as Adele’s, there are likely to be significant assets to take into account during their mediation. Adele is estimated to be worth £150million. Mr Konecki is the CEO of a charity, however he is the financially weaker party. A large proportion of Adele’s income is likely to come from royalties from her incredibly successful music career. In England and Wales, the starting point for financial division on divorce is that wealth accumulated during a marriage is divided equally. However, this does not apply to future income received after a divorce. As a lot of the royalties income from a singer’s back catalogue of music will be received in the future, this can cause difficulties when it comes to reaching an agreement as to how this will be divided.
It is reported that Adele and Mr Konecki did not enter a pre-nuptial agreement prior to their marriage. It is important to note that, in England and Wales, pre-nuptial agreements are highly persuasive but not legally binding. A judge will always consider the circumstances of both parties at the time of their separation. If one party would be substantially disadvantaged by the agreement, a judge can choose to digress from it.
If you are in the process of a separation and would like to know more about the options available, please contact the Moore Barlow Family team who would be happy to speak to you.