The former Health Secretary could find himself a lot better off following the scandal that forced him out of office, one of Britain’s top divorce lawyers has said.
After his affair was exposed, Matt Hancock has started a new relationship with aide Gina Coladangelo – a millionaire who is also expected to be entitled to a huge share of her husband’s fortune.
That is likely to leave him in a better financial position than had he stayed with his osteopath wife Martha, with whom he has three children, according to divorce expert Ayesha Vardag. ‘Matt Hancock’s career has been largely spent in politics and so he will not have earned a huge amount in the great scheme of things,’ she said.
‘If he’s going into a partnership that has more money sloshing around, then he’s likely to be better off. But then that will, of course, potentially alter his liability to pay maintenance for his children.’
Mr Hancock receives an MP’s salary of £81,932 but following his resignation has lost the additional £71,673 he received as a Secretary of State. He is thought likely to decline a tax-free £17,673 pay-off.
The 42-year-old and his wife Martha bought their home in North-West London for £1.6 million in 2014 and he has a 15 per cent stake in his sister’s storage firm, Topwood, estimated to be worth up to £500,000.
Ms Coladangelo is believed to be a multi-millionaire. As well as being communications director for Oliver Bonas, the retail firm set up by her husband Oliver Tress, she has shares in the lobbying firm Luther Pendragon.
The couple also own a £3.6 million house in South-West London. In the year before the pandemic, Oliver Bonas paid dividends of £1.4 million – almost half of it to Mr Tress, its biggest shareholder.
Ms Vardag said Ms Coladangelo, his wife of 12 years, would probably be entitled to half of her husband’s business empire, adding it is ‘a matter of law’ that adultery doesn’t affect financial settlements.
Martha Hancock, 44, is descended from aristocracy, although it is unclear how much her family are worth.