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In high net worth divorces, the financial stakes are high that’s why choosing the right lawyer is key. If you, or your partner, have substantial wealth, the process of divorce can become even more complex than usual, with multiple properties, assets, finances and interests that need to be dealt with.
Thinking about ending your marriage or civil partnership is a big decision that requires legal support, particularly in high-net-worth divorces. The intricacies involved in managing finances, living arrangements, and addressing the well-being of children can be daunting. Our priority is to offer practical guidance, facilitating a step-by-step approach so that you don’t have to navigate these complexities alone.
In high net-worth divorces, where the stakes are notably higher, our commitment is to safeguard your assets and facilitate an equitable division for all parties involved. We are here to ensure that your interests are protected and that the process is conducted with fairness and transparency.
There is no definition of a high net worth divorce and no specific amount of money or assets that categorises a divorce as this. However, it is said that a high-net-worth individual earns around £300,000 per year or owns assets that total over £3million.
As such, in high-net-worth divorces, living standards take centre stage in the division process. The financial needs of each party are assessed generously to reflect the elevated lifestyle inherent in high-net-worth couples.
High net-worth divorces are more complex because they usually involve a large number of assets that need to be carefully divided between the two parties.
This includes a comprehensive evaluation of both matrimonial and non-matrimonial assets, adding layers of complexity to the division. From bank accounts to business ownership, each component undergoes careful examination.
The divorce process often involves large company valuations, disputes over jurisdiction, international trusts and investments, and the division of illiquid assets such as land. The wealth includes business and personal assets, properties, trusts, pensions, onshore and offshore assets, and inherited wealth.
As such, full disclosure can be challenging, especially when some assets are held in offshore trusts. Distributing businesses can be difficult, and selling shares may be impractical.
Jurisdiction can also heavily impact financial settlements, as couples living abroad may seek divorce in a jurisdiction where they believe they will have more power and discretion in determining financial awards.
Financial wealth, including bank accounts, equity funds, pensions, and cash, is a focal point in high-net-worth divorces. There is also an emphasis on financial contributions made during the marriage, particularly by one party. Property and land, both domestic and international, may be divided between the partners, even if only one contributed to the acquisition. Businesses, often the most significant asset, undergo thorough valuation and distribution, and the prospect of sale or closure is considered a last resort. This can be very time-consuming.
These examples are reasons why high net-worth divorces can be much trickier and often need a lot of support and input from a specialised family solicitor.
Yes, you must declare all your assets in a divorce. Hidden assets can complicate matters further. Spouses may withhold financial information strategically, emphasising the need for independent Forensic Accountants to ensure transparency. In high-net-worth divorces, assets are often held in many different locations including overseas, this is why it is very important to seek legal advice and assistance to ensure that you receive an equal split of the finances.
We understand that an initial consultation with a member of our family team will help you find out how we can support you with your high net worth divorce. Our firm provides a complimentary initial conversation to evaluate your needs and discuss how our experts can be of assistance. Rest assured, our team operates with absolute discretion, always prioritising your best interests.
As a proud member of The Law Society, we stand as a reputable and fully accredited firm with an outstanding client satisfaction rate. Our proven success in handling complex high-net-worth divorce cases and financial settlements highlights our expertise in this field, affirming our commitment to delivering exceptional outcomes for our clients.
At GloverPriest your high-net-worth divorce lawyer will provide you with expert and bespoke advice on all aspects of your case including:
- Personal assets
- Inherited assets
- Offshore assets
- Business assets
- Child Maintenance
- School fees
- Spousal maintenance
- Injunctions to freeze assets
We have many clients across the UK and it is not essential that you are able to visit our offices in Staffordshire, Birmingham, Northamptonshire or The Midlands. With the help of technology we are able to support you over the phone, video link via Skype or Teams or Zoom, email or face to face when technology just isn’t right for you.
Our team of Family & Divorce Solicitors are experienced specialists in dealing with high net worth divorces - securing landmark rulings ensuring we are the perfect choice to handle your divorce process. Wealth division in a divorce has no standard formula, therefore, it is critical to consult a divorce lawyer.
Our team of specialised family law solicitors is here to provide you with support and advice on your high-net-worth divorce. Start your divorce online by completing this form. Alternatively, call one of our experts on 0121 794 5814 for further advice or use our contact form to request a callback.