Divorces involving ultra-high-net-worth individuals (UHNWI) tend to be more complicated and lengthy due to the inclusion of significant sums of money and high-value assets.
Ultra-high-net-worth individuals possess assets that amount to at least £24 million — a sum of money not to be taken for granted. Such a net worth often affords a certain lifestyle, so it can be difficult to adjust when the time comes to divide assets during a divorce. In this post, we’ll provide essential divorce advice for ultra-high-net-worth individuals.
Seek the Advice of a High-Net-Worth Divorce Lawyer
When it comes to the division of assets and funds, making child arrangements and more, it’s essential to seek the guidance of a bespoke legal representative. This should be the case for all divorces, but for ultra-high-net-worth individuals, there’s even more incentive to seek the right help because the potential financial loss can be significant.
At KMJ Solicitors, we’ve worked with numerous high-net-worth and ultra-high-net-worth individuals, so we understand the complexities of these types of cases. When there’s such a substantial amount of money involved, whether in the form of cash, assets and trusts both onshore and offshore, it’s crucial to seek the help of expert family lawyers who have the knowledge and experience to provide bespoke legal services.
Take Every Asset into Account
Due to the nature of ultra-high-net-worth divorces and the value of the assets involved, reaching what both parties would consider a fair settlement can take time. This is not only because the figures involved typically reach seven figures or more but also because these types of cases tend to involve the division of a wide range of assets.
It’s crucial to understand that every asset will need to be taken into account if you want to gain a clear picture of what your future financial situation will look like as well as ensure that the financial settlement is fair. The origin of these assets may be crucial to the question of whether they are considered matrimonial (and therefore included in the asset pot available for division) or non-matrimonial (excluded from the pot available for division). Aside from the obvious assets of money and property, you should take the time to assess any additional assets such as offshore accounts — not disclosing these can have significant consequences.
A significant percentage of shared wealth may also be tied up in trusts, and the way these are handled can have a vital impact on the outcome of a divorce. Both attacking and defending onshore and offshore trusts is a difficult process, so you should always consult a high-net-worth divorce solicitor, as well as a forensic accountant.
What Happens to Businesses after an Ultra-High-Net-Worth Divorce?
One of the most significant assets often disputed during ultra-high-net-worth divorces is a privately owned company. Valuing a business is a complicated process, and this can be made more complex if, for example, the business has assets around the world, each consisting of interrelated onshore and offshore corporate and trust structures.
Our team of expert family lawyers is vastly experienced and well-versed in ultra-high-net-worth divorce, with the majority of our clients owning business assets in one form or another. Whether you’re a business owner looking to protect your assets or a spouse looking to ensure that you receive your fair share of a company or its future revenue — we can help!
Are you in need of high-quality divorce advice specific to ultra-high-net-worth individuals? Get in touch today to speak to a member of our expert matrimonial law team.