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Divorce
Expert High Net Worth Divorce Solicitors.
The solicitors at Grant Stephens Family Law have a wealth of experience to expertly guide you through complex, high net worth divorces.
A high net worth divorce can be more intricate and complex than other divorce cases, but at Grant Stephens Family Law, our specialist solicitors are ready to guide you through every aspect with sensitivity and a high level of confidentiality, ensuring that you, your family and your assets are protected to the highest degree.
Our solicitors have years of experience, supporting high profile celebrities, entrepreneurs, CEOs and investors, ensuring that you and your assets are looked after with the highest level of care and discretion possible.
Your Local High Net Worth Divorce Solicitors
The expert team at Grant Stephens Family Law are based across two offices in Wales’s largest cities, Cardiff and Swansea. They are perfectly positioned to assist clients in high net worth divorces across the entire UK and internationally and have a wealth of experience dealing with intricate, complex and multi-faceted divorces.
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What Makes Us Different?
Grant Stephens Family Law is a boutique law firm, specialising in all aspects of family law. We are proud to have been recognised as a ‘Top Tier Firm’ in the Legal 500 for multiple years, highlighting our expertise, experience and excellent client care.
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What is a high net worth divorce?
A high net worth is a divorce that involves an individual or a couple who own significant financial assets, such as businesses, property, and investments.
Whilst there is no fixed value for a divorce to be determined as ‘high net worth’, it is generally viewed to be assets that meet or exceed £1 million.
What types of assets might be involved?
A high net worth divorce might involve one or both parties in the divorce owning assets such as:
- Property (often a portfolio of property in one or more countries)
- One or more businesses (in one or more countries)
- Trusts
- Inheritance
- Significant pensions
- An investment portfolio
- Significant personal saving
Is the process of applying the same?
The legal process of applying for a divorce, and a financial settlement is the same for a high net worth divorce as it is for any lower value divorce. The intricacies and complexities can however sometimes result in the process taking longer as there are more assets to negotiate.
If you would like to find out more about the process of applying for a divorce, read our guide here: Guide to divorce.
What additional steps might be undertaken during the divorce if there are significant financial assets?
The first step in any divorce when considering finances is full and frank disclosure of all assets, with supporting evidence. This is especially key in high net worth divorces where the extent of the matrimonial finances may not be clear to both parties and may be more complex than normal. Disclosure allows for complete transparency and for both parties to negotiate the financial settlement on the same understanding of the financial positions of each respective party.
What happens if you suspect your ex-partner is hiding some of their assets?
If you and or your solicitor suspect that your ex-partner is hiding financial assets, then your solicitor may consider applying to commence financial remedy proceedings. The duty of disclosure to your ex-partner is then to the court and if they are found to have provided incomplete disclosure or having attempted to conceal assets then they could be found in contempt of court and sanctioned accordingly. You will need to supply the court with evidence of your suspicions so the court can properly consider what specific disclosure needs to be ordered.
How important is the accuracy of the financial disclosure?
It is vital that a full and honest disclosure is provided. Each party will complete a Form E (or an equivalent disclosure document) and they will also be asked to provide any supporting evidence such as:
- Bank statements
- Tax returns
- Business accounts
- Property valuations
- Pension information
- Income documentation such as payslips and P60s.
- Inheritance prospects
- Details of investments, trusts and liabilities.
In some high-net-worth cases, disclosure may require detailed financial documentation that extends beyond the usual Form E requirements due to the diversity of your asset types. The Court has the power to order any such disclosure as it deems necessary to help resolve and settle the financial matters in dispute.
Use of Financial Experts
Due to the complexity of high net worth divorces, external financial experts are often instructed. These may include:
- Valuers for property portfolios, land and valuable personal items
- Forensic accountants to assess business interests, cash flow, liquidity, tax implications and the value of shares
- Pension specialists to value defined benefit schemes, advise on pension sharing and to calculate future income streams
- Financial advisers or investment analysts to analyse portfolios or determine future returns
- Tax specialists to assess the financial consequences of transfers, disposals or restructuring that may be required as part of a settlement.
Any financial expert reports will help the court reach an informed decision and can significantly improve the accuracy and fairness of a negotiated settlement.
The permission of the Court must be sought to instruct expert evidence when in proceedings and the Court must be satisfied that such expert evidence is necessary and proportionate to help the Court decide the case at hand.
If you are a high-net-worth individual who is going through a divorce, it is vital to get expert advice as soon as possible. This ensures that you will get a fair financial settlement and can move on to the next chapter in your life.
The High Net Worth Divorce Process – How divorce works
– Step 1
Seek legal advice
Whilst not always necessary, if you or your ex-partner is a high net worth individual, it is important to seek legal advice and instruct a solicitor early on who is an expert in dealing with complex high net worth divorces. This will mean that you get accurate legal advice throughout the process and ensures that you get the most favourable and fairest outcome possible.
– Step 2
Financial Settlement negotiations
Whilst the negotiations to determine the financial settlement can take place at any point during the divorce process, the earlier the better, especially if there are multiple and complex assets involved that will take time to properly investigate and scrutinise.
– Step 3
The application
One or both parties in the divorce will submit a divorce application to the court (either themselves or via a solicitor) using the HMCTS portal.
– Step 4
A reflection period
After the divorce application has been submitted and the other party involved in the divorce has responded to the petition, the courts require a 20 week reflection period.
During this time, other financial or children matters may continue.
– Step 5
Conditional Order
Previously known as a decree Nisi, the applicants will apply for a conditional order following the 20 week reflection period.
The courts will then review the case and, if everything appears to be okay, the court will grant the order.
– Step 6
Waiting period
Following the conditional order, it is mandatory to wait 6 weeks before the final steps of the divorce can be taken.
– Step 7
Filing of the consent order
Financial settlements cannot be filed with the court in the form of a Consent Order (recording any voluntarily agreed settlement) until after the Court has granted the Conditional Order. Similarly, the Court cannot make a final order in financial remedy proceedings until the Conditional Order has been granted.
Although you may agree a financial settlement before Conditional Order is granted, it will not be legally binding until the Court has sealed the same. only at that stage are your financial ties to your ex-spouse severance and you can put the terms of the order into effect.
The court must be satisfied that the settlement reached is fair and meets both parties’ respective needs. It is not a rubber-stamping exercise and the court will scrutinise the Consent Order for fairness. If they are not satisfied that the settlement is fair and meets both parties’ needs, they can refuse to seal the order and ask questions/clarifications. Alternatively they may list a hearing to hear from the parties as to why this settlement was reached.
– Step 8
Final Order
After the waiting period, the applicants can apply for a final order (previously known as Decree Absolute), which legally ends the marriage. Finances ties between the parties will not be severed unless a finances order is also obtained. Two final orders are required.
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High Net Worth Divorce and Children
If you are going through a high net worth divorce and have children, you may need to apply for a child arrangement order to formalise arrangements for the children.
The application of a child arrangements order is a completely separate process to the divorce and financial settlement procedures. Children matters can be dealt with before, during or after a divorce.
Are there any differences when making a child arrangement order when you are going through a high net worth divorce?
There is no difference in arranging and applying for a child arrangement order when you are going through a high net worth divorce.
However, if you are a high net worth individual, there may be more agreements to be made regarding holidays and other aspects of a high-net-worth lifestyle, but ultimately, the process remains the same.
Minimising Conflict
The welfare of the child or children should always be placed at the forefront of any decisions and arrangements made, seeking to minimise any significant change in their lives as far as possible.
Mediation and Collaborative Law are court alternative methods that help to resolve family law matters such as child arrangements in a more amicable way, helping to maintain the welfare of the children involved.
At Grant Stephens Family Law, all of our solicitors are members of Resolution, which demonstrates their commitment to resolving family law matters in a collaborative and amicable manner.
You can read more about the benefits of using court alternative methods, here:
Divorce Services
FAQs about High Net Worth Divorce
What counts as a high net worth divorce?
Whilst there are no specific criteria for a high net worth divorce, it is generally viewed as a divorce where one or both parties have assets that meet or exceed the value of £1 million.
How are assets valued?
The valuation of assets is usually expertly instructed in high net worth divorces. Properties, businesses, pensions and high value chattels shall need to be expertly valued at joint cost if a value cannot be agreed between the parties. Such valuations would be instructed on the basis of a single joint expert to be impartial between the parties. If proceedings are issued, the Court must give permission for expert evidence to be instructed and must view the same as necessary and proportionate for the Court to properly adjudicate and settle the matter.
Can I protect my business in a divorce?
Protecting a business is entirely case-specific. Where a business is income generating only it is likely that this can be excluded from consideration in the settlement as the business is likely to be illiquid and have no real value beyond the spouse operating it to generate income.
However, where a business has significant value it is likely to be included in the matrimonial pot of assets. Expert arguments shall then need to be made as to whether part of such business can be considered as non-matrimonial, based on the respective contributions.
In cases of a long marriage it is likely that a high value business shall be ordered to be shared but important consideration shall need to be given to the liquidity of such business.
A business valuation shall likely need to be instructed and expert advice sought on the issue of liquidity and whether value can be extracted from the business without decimating the same. If a business is illiquid, offsetting could be considered i.e. one party receiving a higher percentage of equity from the family home with the other retaining their business interests.
Consideration shall need to also be given to any necessity for one spouse to step down from their role in a joint business venture if not possible to run the business together post-divorce. This could involve the need for separate commercial business advice and consideration of tax and other implications.
It is important that the true extent of business interests is disclosed and investigated at the outset of your matter. Our expert team can guide you through this process.
What happens to inherited wealth?
Inherited wealth is a grey area in divorce cases. The Court has the power to include all financial resources of the parties into the marital pot. It would then be necessary to consider what arguments can be made to try and ring-fence a specific asset, such as inheritance, for one parties’ benefit.
The general presumption is that inheritance is left for the sole benefit of the person named as the beneficiary. However, matters can become more complex when inherited wealth has been intermingled with matrimonial wealth and can be considered to have been ‘matrimonialised’.
There is more likelihood of ring-fencing inherited wealth if not intermingled with matrimonial wealth in high net worth cases as such inheritance is not likely to be needed to ensure both parties needs are met where there is financial surplus. However, the Court always has the power to claw back and include such funds if needs require it.
It is important that you make clear at the outset if you have received any inherited wealth and based on the case-specific circumstances, our expert team can advise you accordingly.
Do international assets complicate the process?
International assets can complicate the process but do not necessarily do so. It is important that international assets are considered fully at the outset of your matter so that appropriate consideration can be given to the same. It may be necessary to instruct advice from legal representatives in other jurisdictions and that can sometimes cause delay. There may be differing tax implications and laws to consider.
Our team is able to expertly guide you through this process.
How long do high net worth divorces take?
There is no definitive answer to this unfortunately. There are numerous case-specific factors that can vary the length of time a high net worth divorce takes. The more amicable and willing to engage each party is, the quicker the process will be.
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High net worth divorce often involves complex financial structures, business interests and international considerations. Our team advises individuals with significant assets on how to protect their position and plan strategically from the outset.
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