High Net Worth Divorce

What is High Net worth Divorce?

 There is no precise definition of a High Net Worth Divorce, but HMRC amended their definition six years ago to describe individuals with assets over £10m as High Net Worth individuals.

Ultra High Net Worth Divorce is usually classified as involving assets over £15 million and annual earnings of over £1 million net.

A Financial Remedy Court has been established as a subsidiary structure working within the Family Court, aimed at dealing with the financial aspects arising when a couple divorces. It is vital that cases are allocated to the correct level of Judge. Guidelines for the allocation of cases within the Family Court to High Court Judge level have been issued by the Family Justice Council.

A distinction is made as to whether your case has net assets exceeding £15 million and if you have an overall net earner income of over £1 million. In such cases, it is usually proportionate for your case to be allocated to a High Court Judge at the Royal Courts of Justice, London or elsewhere as determined by the High Court Judge.

If your assets are less than £15 million, your case is usually allocated to a District Judge or a Circuit Judge, except in certain circumstances. For example, if there is a serious case of advanced non-disclosure, substantial assets are held offshore or in Trust, and other exceptions which we will discuss with you before proceedings are issued.

Our team at Lytham have experience in dealing with divorce cases involving complex financial aspects. These frequently include various companies and/or a family business, multi-property portfolios, shares and pensions, assets abroad and high-value items including art, jewellery, supercars, racehorses, yachts, helicopters, planes, livestock and complex land ownership.

In these cases, it is important to engage with someone who understands the complexities of unraveling such detailed financial matters in the most tax-efficient manner.

With a 120-strong team of professionals covering all areas of work, Vincents is well-equipped to assist you with every aspect of your case via our  offices including Park Street, Lytham, the family team alongside a Private Client and Convey team and the newly opened Poulton Branch;  Garstang; Penwortham; Chorley; and our Head Office at Winckley Square, Preston.