Handling Overseas Assets in Divorce – How a Family Lawyer Can Help
There’s no denying that divorce proceedings are emotionally difficult, and they can be made even more complicated when overseas assets are involved.
If you don’t voluntarily disclose all of your assets, your former partner could ask your Divorce Solicitor to intervene. If you still don’t disclose money or other assets then they could get a Court Order that will order you to disclose everything, or you will face Court sanctions of failing to do so.
If a Judge finds that you have been hiding away some of your assets, they could order you to pay a costs penalty, which may include paying a level of costs to the other party. Other downsides to not providing full financial disclosure include:
Being open and honest about your finances is the only fair way to handle money in divorce. We understand how difficult it is if you’re worried about losing out in your divorce, but our Divorce Solicitors will work with you to reach an agreement that both you and your ex will be happy with.
There are some assets that aren’t likely to be affected by divorce, such as:
But you will still need to tell your Divorce Solicitor about these financial assets and include them in your Form E (the form you submit to disclose your finances). You will also need to include:
You should know that just because you tell your Solicitor what you own, it doesn’t mean your ex is entitled to take it all away from you, but it’s also important to remember that when you get married you usually share a proportion (or sometimes all) of your assets with your spouse. So you must both work together to be fair and reasonable when the marriage ends.
We know how stressful divorce can be, and it can be made even more difficult if you feel like you’re losing out on possessions you may have had for years. While your automatic response might be to protect what you have, it’s important to remember that your ex may be feeling the same way.
Some of our Family Law and Divorce Solicitors are members of Resolution which means we are experts at resolving conflicts between former partners.
If you tell us what you’re concerned about, such as if you’re worried about your ex taking your assets away from you, we can work with you to make sure you’re as happy as you can be with your financial situation after divorce. And we can even apply for a Financial Order on your behalf so that the agreement is legally binding.
Fill in the form below to get in touch with one of our dedicated team members, or call our team today on: 0808 239 3465