Breakthrough Family Law’s team of divorce lawyers offer high-quality legal advice tailored to your needs and circumstances. We have many years of experience working with high net worth clients who are going through divorce proceedings, advising from the earliest stage to help them retain their assets as far as possible.
Why are high net worth divorce cases more complicated?
These types of cases are made more complex because they will normally involve a range of high-value assets, business interests, tax liability considerations and pensions. One or both of the spouses may have assets related to ongoing businesses, including shareholdings. As such, it is vitally important that these businesses are valued accurately to make sure the financial settlement reflects each party's entitlement. This will require those involved to instruct financial experts to carry this out, as well as divorce solicitors who have experience in dealing with high-value and financially-complex cases.
What are the most important considerations in high net worth divorce cases?
Consideration needs to be given to how each of the parties' assets impact on the lifestyle the family has enjoyed during the marriage. This includes:
- Child maintenance – making sure that children continue to have their emotional and financial needs met in the same way after the divorce (this might mean ensuring they are able to continue attending private schools, to pursue particular interests and to take regular holidays)
- The residual value of any pensions held by the parties
- Any properties held by the parties
- Personal assets, including prestige assets such as yachts, planes or cars
- Any trust held by the spouses – the nature and purpose of these will be considered when deciding if they can be challenged or safeguarded during divorce proceedings
- Onshore and offshore assets
What are some of the common mistakes made in high net worth divorce cases?
It is important you have someone with specialist financial knowledge handling your affairs, as in some cases a spouse will attempt to conceal assets or only offer a limited disclosure when it comes to their financial affairs. Parties in these cases can sometimes delay in getting the right legal advice – it is important to act quickly so that assets are not disposed of. Getting help at the earliest stage means that assets can be frozen if necessary, regardless of whether these are based in the UK or internationally.
What are the tax implications in high net worth divorces?
You are best placed instructing someone with expert knowledge to advise you on the tax implications arising from properties, employee contracts and benefits, and other assets of high-value at the earliest stage of divorce proceedings. Employing the services of a solicitor from Breakthrough Family Law, with many years' experience handling financially-complex divorce cases, can provide a great degree of reassurance when it comes to reducing your tax liabilities following the conclusion of divorce proceedings.
Contact our High Net Worth Divorce Lawyers Chesham, Beaconsfield, Berkhamsted and Chorleywood
Our experienced family law solicitors, assisting clients in Beaconsfield, Berkhamsted, Chesham and Chorleywood, offer a specialist service to high net worth individuals involved in divorce proceedings. At Breakthrough Family Law, our divorce solicitors can provide expert advice on minimising the financial impact on your assets. We inspire trust and confidence in our clients by offering high-quality advice in a clear, confidential and compassionate manner. Contact us today on 01494 776 696 or using our online form to arrange an appointment with one of our team.