If you or your spouse are a high net worth individual then proceeding with a divorce can seem like a daunting prospect. There may be assets tied up in various investments, both in this jurisdiction and offshore. Those assets may include property, trusts and pensions as well as business interests. It is crucial, therefore, if your relationship breaks down to have an experienced high net-worth divorce solicitor on your side.
The expertise of a professional is essential to ensure that the true value of all assets is identified and a fair distribution is then achieved. By choosing a solicitor who specialises in high net worth and high profile matters, you can ensure you will get the highest quality of service, with maximum privacy and the best possible outcome for you.
Protecting the Privacy of High Profile Individuals
We know that it is critical when going through a divorce to ensure privacy and to prevent reputational damage. This can be even more important if you are a high-net-worth individual. Our respected specialists are experienced in high-profile divorce cases and can assure you that all matters will be treated with the utmost privacy. We operate with complete discretion and sensitivity. We can also take steps to prevent other parties from taking any steps which may be harmful to a client’s reputation or profile. These are steps we take in all matters but our team recognises that managing risk and reputation during a high-profile divorce can be particularly critical.
We signed a prenup – will this help?
If there is a prenuptial agreement in place, dealing with a high-net-worth divorce should be less acrimonious as many issues will have been agreed on before the marriage.
The terms of the prenuptial agreement may not, however, be fair at the time of separation and our expert solicitors can advise you as to whether any terms can be challenged or assist you in ensuring the provisions are upheld. They can represent your position in any further negotiations that are required.
Marital and non-marital assets
If there are assets that were brought by you to the marriage or came from a source outside the marriage, your solicitor will provide you with the best advice as to how these non-matrimonial assets can be retained by you. They will work with you to ensure there is clarity from the outset on what is a marital or non-marital asset to ensure a fair division.
Non-marital assets: Assets that come from a source outside the marriage. These include assets owned prior to marriage or after you separate. It can also include monies inherited or gifted during the marriage
Marital assets: Those accrued during the marriage through the endeavours of the parties.
It may be necessary for valuations to be undertaken of both marital and non-marital assets, including business assets. There will also need to be consideration of tax implications which can be particularly important in high net worth divorce and also international divorce. Our expert team can advise you on this.
Hidden assets: In some cases, parties can try to hide assets and not disclose their existence or make transfers to family and friends. We work closely with specialist forensic accountants who can investigate these issues further and ensure that all relevant assets are identified.
Once the assets in your case have been identified and their value established our experts will ensure you achieve the best settlement using their knowledge of the law in high net-worth divorce cases.
Personal Assets which will be considered (non-exhaustive list):
- Savings and Investments;
- Family home and other property;
- Trust interests;
- Pensions
Considerations with Business Assets:
- What are the parties’ respective interests in the business?
- What is the nature of the business?
- Is a business valuation required and if so, on what basis?
- Is there liquidity in the business?
- How can the parties’ interests be realised?
Trusts
It is not uncommon for high net-worth individuals to have interests in trusts as either settlors or beneficiaries. These can be in England & Wales or offshore. Expert advice is critical to understand how they will be treated on divorce. A client may want to protect their trust assets or to assert that such an interest is a resource which can be used to meet needs.
Our solicitors are experienced in high net worth divorce and will be able to advise you as to how any trusts may affect your divorce and to ensure it forms part of the best outcome for you.
Child Arrangements
No matter the scale or value of a divorce, the well-being and stable future of any children involved is paramount. Decisions on where they will live, if they are to relocate with one of the parents and how their time will be shared, are all extremely important.
In high-net-worth divorces, it is common for children to be educated at fee-paying institutions. Provisions must be made to cover their school fees until they complete their education, plus any additional expenses throughout their schooling as required.
Out-of-Court Dispute Resolution
With divorce proceedings, and especially where there are children involved, we do all we can to try and come to a solution without the need for court involvement, which can help maintain communication between parties after the divorce. Your case may be suitable for mediation or arbitration and our expert divorce lawyers can provide you with advice as to which would be best for your circumstances
Contact our Specialists
For additional peace of mind, our family law team comes highly recommended by clients on Review Solicitors.
If you are ready to speak with a high net worth divorce expert, you can call us on 0161 969 3131 or fill in our contact form here.