London has earned its reputation as the ‘divorce capital’ of the world. A destination where the partners of the high net worth travel to, attracted by the reputation of British judges awarding very generous settlements.
London’s courts are increasingly attracting what have been called ‘divorce tourists’, especially for big money divorce claims.
Why Divorce in the UK?
The English courts have an extremely wide discretion when making orders in high net worth divorce proceedings.
The starting point is generally one of equality, however their approach is no longer adjusted to meeting reasonable needs of both parties, but instead towards sharing property, capital and assets in the matrimonial pot.
In addition, pre-nuptial agreements entered into foreign jurisdictions are not binding in the Courts of England and Wales.
This is a big reason for attracting ‘divorce tourists’.
Many individuals are reluctant to divorce as they worry about the financial implicatons it will have on them, their lifestyle and their children.
When deciding how to dispense wealth and assets within the matrimonial pot, the Courts of England & Wales will look at several factors.
How Are Divorce Settlements are Decided?
-
The welfare of your children
-
The financial needs, responsibilities and obligations that each party has or is likely to have in the foreseeable future
-
Income, earning capacity, assets and other financial resources each party has, or is likely to have in the foreseeable future
-
The standard of living enjoyed by the family prior to the breakdown of the marriage
-
Any physical or mental disabilities that either party may be living with
-
Contributions made by each of the party within the marriage, including looking after the home or the family
-
The conduct of each party
The lifestyle and standard of living enjoyed by both parties will be taken into account in the English Courts, and whether the financial needs of a particular party are deemed ‘reasonable’ to members of the public is not taken into consideration by the English Courts.
Divorce is always a hugely difficult process to go through, but the prospects of having to compromise on the lifestyle you and your children are accustomed to can make it even more agonising. Therefore, it is vital to seek independent legal advice very early on, in order to establish whether it is possible to bring your divorce and financial proceedings in London for a far more generous financial settlement than you may be awarded in a foreign jurisdiction.
