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The Ultimate Guide to High Net Worth Divorces

Going through a divorce is a very stressful and emotionally demanding time. With matters such children’s best interests, maintenance as well as custody matters, it is already a very complex and overwhelming time. It is therefore an additional burden when you have to deal with protecting your finances, assets as well as other aspects of your significant wealth.

It is a well-known fact that high net worth divorces require a high level of expertise. Reaching an agreement in terms of finances and assets can cause issues and therefore it is essential to choose a team of divorce lawyers who will guide you through the process and ensure that they will work towards obtaining the best outcome for you.

Divorce Solicitors

High net divorce lawyers at Jones Whyte have experience in dealing with complex cases and can guide you through process ensuring that you can make an informed decision. From issues ranging from child custody and maintenance, trusts, business as well as personal assets to pensions as well as many others, our experienced team will advise you on choosing the best options for you.

Is your divorce a High Net Worth Divorce?

High net worth divorces are cases where the assets of either one party or both parties exceed financial needs or expenses. Financial wealth can include trusts, properties, personal assets and business assets, on and off shore assets, inherited wealth as well as pensions.

What is involved in a High Net Worth Divorce?

In certain cases, a high net worth divorce will already have a prenuptial agreement. A prenuptial agreement is a contract between two parties entered into prior to their marriage, which already details the ownership of assets and properties and specifies how these will be divided in the event of the breakdown of a marriage. Such agreement usually specifies how assets, which were, acquired both prior and during the marriage will be handled. If you already have such an agreement, our experienced team of lawyers will assess the agreement and provide you with guidance on either how much agreement can be enforced and how it can be challenged, depending on your individual case and your instructions.

During your initial meeting with your divorce lawyer you will need to discuss all of the assets, both assets acquired to the relationship and those of the relationship. An overview of the assets will need to be prepared and a review of the impact the divorce will have on children’s lifestyle as well as yours.

It will also be necessary to analyse the expenses involved in education and maintenance of children. Therefore school fees as well as expenses involved in organising holidays and extra circular activities will need to be considered.

Generally both parties will want to ensure that their children will continue to pursuit their hobbies and interests and therefore at this stage it is necessary to reach an agreement how the costs involved will be handled.

High net worth divorces often involve a number of properties including a matrimonial property and in some circumstances abroad. It will therefore be necessary to consider what will happen to those and how they will be divided. As far as the matrimonial properties are concerned, it is a very common practice to transfer the title of the property to one party through the renunciation of occupancy rights. This arrangement is generally specified in the Minute of Agreement detailing whether the property will be transferred for a lump sum of money, good and onerous causes and or any other means. There are however situations when the matrimonial property is sold and the funds from the sale are divided in accordance with the agreement. When considering other properties, whether at home or abroad, there are various possible options and your lawyers will talk you through the process this will entail and how it can be ensured that the best financial outcome is achieved for you.

When it comes to either personal or business assets it is crucial to establish the value of them. Personal assets will include items such as a motor vehicle, jewellery, and paintings as well as various other items.  The assessment of the business assets will generally involve the overview of the balance sheet figures rather but it can stretch as far a overlooking the business as a whole and what the value of it actually is. Your divorce lawyer will outline what you are entitled to and what can be done to safeguard your assets.

High net worth divorces can also include substantial pensions and trusts funds. Whether they have been set up at home or abroad, the team of divorce lawyers are Jones Whyte have the necessary experience to consider the terms as well as the purpose of them and provide you with advice on how to either challenge them or safeguard them, depending on what your individual case will entail. Careful consideration will be given to these in order to ensure that your assets are not overlooked.  

If your divorce involves substantial assets, it is crucial to ensure that you are aware of the potential tax consequences and therefore, your dedicated divorce lawyer will guide through the process and ensure that no actions are overlooked.

In high net worth divorces, there is always potential for one party to attempt to dispose their assets in order to ensure that these are not divided. If you think that you are about to go through a high net worth divorce, it is crucial to seek advice from a lawyer in order to ensure that they can take all necessary actions to obtain an order to freeze the assets nationally and sometimes even internationally too. In such cases, timing is therefore crucial in order to ensure you are prepared for all possible circumstances.

What is the best approach for my divorce?

During the first meeting with your divorce lawyer, you will be presented with all possible means of approaching your individual case. Although the initial thought of individuals is always to use the means of litigation, it is always best to try to stray away from courts unless necessary. Litigation is not only expensive but also uncertain and therefore trying to reach an agreement through the use of alternative methods might be beneficial and safe substantial time too.  In addition to this, in high net worth divorces discretion might be something you desire and therefore both parties might wish to reach an agreement without entering into any court proceedings.  

Litigation

As previously mentioned, it is sometimes best to try to resolve disputes and reach an agreement without the involvement of courts. That being said however, this is not always possible and therefore your divorce lawyer might advise you that the best approach is to raise a Court action. Having assessed your individual circumstances, you lawyer will provide you guide you through the process of court proceedings.

Alternative options

Prior to entering any court proceedings your divorce lawyer at

, will be in a position to explore alternative ways capable of addressing and resolving your financial matters as well as custody and maintenance matters if children are involved.

Mediation

Mediation is an alternative dispute resolution process that has shown to be very effective as far as family disputes with children are concerned as well as complicated financial matters. It is a voluntary process and therefore when making a decision to follow this route of alternative dispute resolution both parties should be open minded and willing to address the existing issues and how to best resolve them. The process is not only private but it also very time efficient, allowing for preservation of good communication between both parties.

The process generally involves both parties attending at a meeting with a trained and neutral mediator who will be in a position to assist with reaching an agreement that will aim to resolve issues and achieve a reasonable outcome for both parties.

Collaboration

During the process of collaboration, both parties as well as their lawyers attend at structured meetings where they work towards reaching an agreement in terms of both financial matters as well as child related issues. Such process aims to ensure that the emotional distress during the breakdown of a marriage is minimised as much as it possibly can be. It also ensures that an agreement is reached with the focus of having the best interests of children and both parties.

Arbitration

Arbitration is a very effective method of dispute resolution. It is a private legal process that aims to resolve the legal dispute outwith courts. An independent third party, who has no connections to any of the parties or the case, an arbitrator, makes the decision.

The arbitrator will hear all evidence following which they will make an impartial and independent decision based on circumstances. It is important to be aware that at the outset, both parties are require to agree that they will abide by the arbitrator’s decision.

High net worth divorces are a stressful and emotional time and therefore it best to obtain legal advice at an early stage. With many years of experience, Jones Whyte divorce lawyers will handle your case in a professional, efficient and discrete manner.

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