In the intricate process of divorce, high net worth individuals face unique challenges that extend beyond the division of obvious assets. Specialist Divorce and Finance Solicitor, Rachel Buckley, aims to shed light on the critical importance of these often-overlooked assets in high net worth divorces.
When acting for clients’ in their divorce there are a few issues which are often over looked by them when they first come to see me. The visible assets like properties, companies, savings portfolios, and pensions are always front of mind. These visible assets, while significant, often represent just the surface of a more complex financial landscape. It’s the subtler, less apparent assets—ranging from life assurance policies with substantial surrender values, to the nuanced value of air miles and loyalty point that can influence the financial outcome of a divorce.
What are the smaller assets you should consider?
Everyone’s situation will be different and this list is far from exhaustive but some of the assets often overlooked include:
- Life cover/life assurance – these policies can some times have quite significant surrender values.
- Private medical insurance – particular if this covers pre-existing conditions – it can be very important to obtain continuous cover post divorce otherwise new cover could become unaffordable.
- Air miles/loyalty points – AMEX, BA points, among others can be quite significant and if not addressed could see the other party flying off to the sunset without sharing them,
- Designer Handbags, luggage, clothes. These items can have a significant resale value.
- Designer Jewellery and watches – particularly watches, depending on the brand, can increase in value.
- Art – If a couple has an art collection and the collection was acquired during the marriage, it may be considered marital property subject to division.
- Wine – certainly some wine, depending on age, can be worth significant sums and can be a good investment.
The necessity for meticulous consideration and expert legal guidance can make all the difference and underscores the value of partnering with a specialist divorce and finance lawyer who is adept at navigating these complexities. Such expertise ensures that every asset, no matter how minor it may seem, is accounted for, guaranteeing a fair and equitable settlement that reflects the true extent of shared wealth.
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