This is often the first question we are asked when people considering a divorce come to us for legal advice, particularly when that divorce involves business owners and wealthy individuals.
While there are options open to minimise divorce settlements, the best place to start is at the beginning, by considering a pre or post nuptial agreement to set out clearly the financial settlement of any subsequent divorce.
While pre and post nuptial agreements are not yet automatically binding under English law, the courts are increasingly taking them into account in their decision-making process.
Aside from pre and post nuptial agreements, you could consider the repayment of justifiable debts to minimize liquid assets in hand at the time of divorce, or consider possible lump sum payments to a pension fund.
However, a word of warning, what cannot be done is for somebody to divest themselves of assets to minimize a spouse’s claim, for example, the transfer of property to another person, the transfer of funds to someone else, and so on. This could lead to those transactions being set aside and even assets being frozen which could affect the running of any business.
This is a complex legal area and it is recommended that you take appropriate legal advice at an early stage.
For more information on your divorce, or any other family law matter, contact Shena Baron on 01772 258321.