International assets
Experienced in matters involving complex financial assets
Protecting your interests
From a holiday home in the sun to an investment property abroad, any overseas assets will be considered in a financial divorce settlement, much the same as any other asset. The value will need to be ascertained, and how this is achieved will depend on the nature of the asset which can include houses and land or financial assets such as bank accounts and shareholdings in a business. You or your spouse may hold property jointly, or one or other of you may hold it in your sole name. Either way during divorce the full detail of international assets must be disclosed.
When undergoing divorce proceedings in England or Wales, the foreign asset’s valuation will be assessed according to the same legal principles applied to the division of all other assets.
The initial standpoint is one of equality. However, in practical application, several factors might influence a departure from an equal split in favour of one spouse. These factors encompass the duration of the marriage, the asset’s pre-marital acquisition, housing requirements for parents and children, as well as the earning capacities of each spouse.
If you and your spouse own foreign-held assets, our divorce solicitors can help you come to an agreement that meets the best interests of you and your family.
Documenting foreign held assets
It is a sensible idea (even when happily married) to keep all documents relating to assets held by either spouse in an easily accessible place to expedite the process of tracing overseas assets. This will also ensure that neither of you are open to the accusation of hiding your assets abroad – something that can damage your case, resulting in you receiving a lesser settlement than you are entitled to, or even leave you facing prison time for contempt of court.
If you believe your spouse to be hiding overseas assets to reduce your divorce settlement, we can represent you to ensure all matrimonial property is accounted for. Equally, if you have your own assets abroad, we can ensure you are disclosing everything that you need to and are not leaving yourself open to accusations of hiding assets.
Enforcing a Financial Court Order
The Court, along with the family solicitors engaged in the case, must assess the feasibility of implementing an order issued in England and Wales concerning a specific foreign asset within the jurisdiction of that asset. The courts maintain arrangements with numerous foreign jurisdictions, permitting the acknowledgment and enforcement of orders established by the courts.
In situations where it becomes evident that an overseas asset is situated in a country lacking reciprocal acknowledgment of Court Orders with England and Wales, we would explore the possibility of offsetting your portion of the value within the foreign asset against your spouse’s portion of an asset held within this jurisdiction or another foreign country where the Court Orders hold recognition.
How Jones Myers can help
Our financial divorce solicitors can guide you through all aspects of the divorce and settlement process including in relation to any assets held abroad.
We can advise you before you even begin proceedings as to what steps are required with particular reference to your case to achieve a fair outcome. We will also be able to advise of what weight, if any, an overseas Pre-nuptial or Post-nuptial agreement will have to a financial settlement within England and Wales.