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High-net-worth divorces can become extremely complicated, even when they are amicable.
Although the issues in high-net-worth divorce cases tend to be similar to the problems faced with regular divorces, there are some subtle differences and some key issues to consider. It is therefore important to have expert legal advice on these matters.
Every country will have its own divorce laws and some countries may have different divorce laws depending on where you live.
Now, not even the rich and famous can file for divorce wherever they want, but they are more likely to own property in different parts of the world (and/or different parts of the same country) and hence may have a wider range of options for filing in the place which is most favourable to them.
The divorce of a company owner or significant shareholder can send shivers down the spine of everyone involved with the company. For practical purposes, it can mean one of two things.
The couple split the stake in the company so that each continues to be an owner of/shareholder in it, albeit with a lower level of voting rights.
One party has to raise the funds to provide the other party with the cash value of the stake/shares, even if this means winding up or selling the business.
In the first scenario, businesses may end up being under the control of someone whose interests do not align with the interests of the rest of the management team and/or who just does not have the experience and/or industry knowledge to make an effective contribution to the company.
In the second case, the company could end up being sacrificed to the divorce, although generally this is an absolute worst-case scenario. A more likely option is that the company might provide the owner with a loan to pay-off their soon-to-be-ex partner, or they receive a greater share of the other matrimonial assets.
There is, however, a nuance here. For example, if a company’s main asset is its staff, then the people concerned might agree to wind it up and start a new company, essentially as a copy of the old one, potentially without the liability of the divorce settlement.
Large amounts of money may be held in trusts, and obtaining information about the type of trust and how it operates will require a detailed enquiry. Careful handling of the treatment of trusts can either help to protect, or access the trust assets, which will have a significant impact on settlement.
In high-net-worth divorce cases, pensions can often be more of an issue than property. The reason for this is that high-net-worth individuals are unlikely to need to worry about the financial aspects of finding a new place to live after a divorce.
They are, however, likely to be very concerned about making sure that they have adequate provision for their later years, when they may no longer be able (or want) to earn an income through work.
When it comes to pension assets, high-net-worth individuals have the same options as everyone else.
One party can choose to keep their pension intact but give the other party a greater share of the matrimonial assets. One party can hand over part (or all) of their pension pot to the other party and one party can keep their pension pot intact but hand over part of the resulting pension to the other party.
This is a hugely important decision, even for high-net-worth individuals, hence the importance of good legal advice.
We offer a free initial 45 minute consultation to give you the opportunity to meet us and receive some initial divorce advice regarding your circumstances.
Please contact K J Smith Solicitors 01491 630000 (Henley on Thames Head Office), 0118 418 1000 (Reading), 0118 418 1200 (Reading Central), 01256 584000 (Basingstoke), 01483 370100 (Guildford), 01494 629000 (Beaconsfield), 01344 513000 (Ascot), 01635 785 100 (Newbury), 01962 587900 (Winchester), 0204 599 7400 (Richmond), 023 8200 2111 (Southampton), 01727 295 555 (St Albans) or email info@kjsmith.co.uk.
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If you would like to visit our team of family solicitors, we have offices in Henley-on-Thames (Head Office) Reading, Basingstoke, Guildford, Beaconsfield, Ascot, Oxford, Newbury & Winchester, St Albans, and Southampton. We serve a wide range of other areas including Abingdon, Bracknell, Gerrards Cross, Maidenhead, Marlow, Reading (central), Slough, High Wycombe and Wokingham.
Why not contact our team of divorce solicitors for a free initial consultation today? We offer a free initial consultation that can take place in any one of our offices or over the telephone.
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