We are delighted to announce that our private wealth law department has continued to maintain its Band 2 position in the latest edition of Chambers and Partners High Net Worth.
Any measure created in contemplation of divorce, or within a relatively short period before it, is potentially reviewable by the court if it is intended to defeat a spouse’s claim for financial relief. The court can set it aside or draw an adverse inference from the creation of legal structures intended to act as barriers to a claim. However, if such a structure sufficiently predates the breakdown of the marriage or can be justified for any other reason, then parties can and should take sensible steps to protect their wealth/assets.
A trust is one such vehicle, but it must not be a sham. If the settlor retains sole control of the trust’s assets and doesn’t consult other trustees, it might be viewed as such. Secrecy, complexity or hidden assets all contribute to the potential failure of the measure to stand up in a matrimonial court.
You can protect shares in a private limited company by the way the company is structured. Classifying shares that cannot be owned by a member’s spouse prevents their transfer on divorce. However, after valuation, offsetting against other assets can still occur, but it does prevent interference by disaffected spouses, which might be harmful to the company.
Inherited or money not derived from the marriage itself – ‘non-matrimonial assets’ can be protected to some degree by keeping it separate. Although it must always be disclosed, placing it in a separate account and avoiding ‘mixing’ with jointly owned assets can provide an extra barrier. The overall need of the claiming spouse may still enable recourse to it, but if not, it may withstand an onslaught.
Finally, there are pre and post-nuptial settlements, the latter more likely to be enforceable but both are still well worth a try. Neither would oust the jurisdiction of the family court but if created in the right conditions, would probably stand up to challenge. Conditions include the taking of legal advice, giving full and frank financial disclosure and being entered into well before the date of the marriage to avoid the challenge of undue influence.
If you would like further advice or information about financial remedy from a relationship breakdown, please contact Elizabeth Wyatt.
The new CHF is set to launch and open for applications with £4 million set to be allocated to community-led housing groups to support an increase the supply of affordable housing in England.
Charities, like other organisations, may be subject to or choose to voluntarily comply with the reporting requirements under the Modern Slavery Act 2015.
The draft regulations making it mandatory for anyone entering a registered care home in England to have been double vaccinated unless they are clinically exempt were made on 22 July 2021.
In the Transforming Public Procurement Green Paper, the Government signalled its desire to increase its control over procurements by all contracting authorities.
The monthly round-up from the Anthony Collins Solicitors charities team.
Legal updates as the UK enters into stage 4 of the roadmap and legal restrictions on face coverings and social distancing are lifted.
The first disability we are going to discuss is diabetes. We begin by discussing the different types of diabetes; their similarities and differences and how we live with the disability within our day.
Tim Coolican and Freya Cassia explore the legal and practical options available to providers if a disappointing result is received following an inspection.
Following the launch of the CQC’s new strategy for how it regulates health and social care, many providers will be keen to know more about how the changes might affect them in the future.
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