Kluge debt? Get advice fast!

The story that Patricia Kluge, who was once known as “the wealthiest divorcee in history”, has declared herself bankrupt has underlined the importance of receiving joined up legal and financial advice not only upon divorce but also on an ongoing basis.

In 1990 Mrs Kluge is reported to have received $1 billion on her divorce from media mogul John Kluge. Notwithstanding this record breaking payout, bankruptcy papers now show that she and her now husband currently owe $50 million. While these figures far outweigh the assets involved in most divorces, the parties to any divorce must have a clear understanding of the basis upon which their financial settlement is predicated and the standard of living that any settlement will be able to support.