Divorcing princess, gnome pockets £50 (10)

I believe the answer is:

disallying

I'm a little stuck... Click here to teach me more about this clue!

'divorcing' is the definition.
Both the definition and answer are present participle verbs.
Maybe you can see an association between them that I can't see?

'princess gnome pockets ps50' is the wordplay.
'princess' becomes 'di' (Princess Diana).
'gnome' becomes 'saying' (gnome can mean a saying or adage).
'pockets' means one lot of letters goes inside another.
'ps50' becomes 'll' (I can't justify this - if you can you should believe this answer much more).
'saying' placed around 'll' is 'sallying'.
'di'+'sallying'='DISALLYING'

Can you help me to learn more?

I've seen this clue in The Independent.

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