Going through a divorce can be highly stressful, emotional and time demanding. Many matters can play a role in the process and complicate it, such as a dependent’s best interest, custody and maintenance. We understand these times can be both overwhelming and complex.
With all that is going on in your life already divorce can be hugely burdensome. This can be especially true if you’re dealing with a significant amount of wealth.
On the matter of high net worth divorce, it is even more important you have the right expertise and specialist advice to assist with the process, or you might end up in trouble. You don’t just need to split up your finances, you also have to look at separating your assets, and you’ll need an experienced team of specialists to guide you through this, to make sure you have someone working for your best interests. Here at JMR Solicitors, we’re able to do just that.
Initially, we’d ask you to refer to the below guide, which looks at high net divorce and its intricacies.
What is a High Net Worth Divorce?
A high net worth divorce is a divorce in which the assets of either or both parties exceed financial expenses or needs. If you don’t know what financial wealth is, it can comprise of:
- personal assets
- business assets
- on and offshore assets
- inherited wealth
What Is involved in a High Net Worth Divorce?
You might have a prenuptial agreement in place. A prenuptial agreement highlights the details and ownership of the above listed items, and how they’d be divided in the event of a marriage ending.
If you’re an individual of high net worth, you should have one. They protect you and make the process of divorcing easier.
If you already have a prenuptial agreement and your ex-partner is refusing to abide by it, you’ll need an expert to assess the agreement and give you information and guidance on what percentage can be recovered. Of course, it helps if your agreement was drafted by a competent solicitor in the first place. Therefore, our advice would be to get an expert to check over any marital agreement you have, even if you’re blissfully happy now.
Step 1 – Contact Your Solicitor
Whether you have one or not, your first step in a high net worth divorce should be to contact a solicitor. You might think you can resolve this on your own, but even the most amicable of divorces can turn nasty, and once communication has broken down, it is very difficult to get it back.
In your initial meeting, you’ll want to tell your solicitor as much as you can, including how much your assets are worth, and whether you have an agreement in the form of a prenuptial agreement. They’ll need to know how many dependents you have, for example, and perhaps some personal information, such as if your partner gave up a career to care for children, or if you had any other unspoken or unofficial agreements that might impact your case if this were to go to court.
Step 2 – Try to aid an amicable split
You might be angry, or your partner might be difficult, but it is important you try your best to aid an amicable split, either by being polite or not speaking to your ex-partner at all.
Where possible, your solicitor will try to negotiate with the other party and their lawyer, working towards achieving an agreement about finances and child related issues. This is the best-case scenario for everyone, as it takes the least time, and is the least hostile if achieved.
If there are some difficulties, you can look at mediation and arbitration, which are both very effective methods of conflict resolution between couples splitting up assets. If that doesn’t work, you’ll need to look at something else.
Step 3 – Raise a court action if needed
If you cannot negotiate things between the two of you, your lawyer might advise you to make an application to the court. This should be a last case scenario. Court cases can be expensive, time consuming, and take their toll on children, who are often stuck in the middle, and sometimes kept from one parent – or pushed out of a routine – in the meantime.
If you choose to go to court, a judge will look at all the evidence you have as to why your entitled to certain assets and will split everything you have equitably.
Contact JMR Solicitors
We’d love to help you through your divorce. JMR Solicitors have substantial experience negotiating high net worth divorces on behalf of clients. We’ll first discuss your personal circumstances, then your individual needs, and try to assist you in all three steps above if need be, to take care of your best interests.
For more information or a conversation, please fill in the contact form at the bottom of our homepage or contact us on 0161 491 3933 or email on firstname.lastname@example.org.