Alex Reid demands over $1 mn in divorce settlement

London: Alex Reid is said to be demanding over $1 million in divorce settlement with his wife, former model Katie Price.

Reid, 35, originally asked for $1.6 million and was offered $398,207 by Price, but now wants an amount of $1,115,748 from her.

The couple is on the verge of announcing the end of their 11-month marriage, but Reid is reportedly refusing to sign a financial agreement and move out of their marital home in Surrey, according to

"Kate is a romantic by nature and refused to sign a prenup. As a result, things could get messy but if Alex has got any sense, which he has, he will not be greedy," said a source.

"He basically wants enough money to buy a house of his own, and some pocket money, because he says he invested heavily in both the marriage and the current family home."

"Kate`s pretty annoyed as she feels he landed a magazine deal off the back of her, and got more TV work by using her name. She feels she`s given him enough as it is," the source added.

Since the couple did not establish a prenuptial agreement ahead of their wedding in February last year, they have to discuss splitting their finances but Price refuses to do so.

"Both sides are a long way from agreeing a compromise. It`s a very end to a relationship and it`s getting more bitter by the day," said the source.