News

Amy Scollan discusses divorce and luxury assets

  • February 02, 2021
  • By Amy Scollan, Partner

Divorce and Luxury Assets

In the majority of divorce cases, the primary concern of the parties, and the Judge, is ensuring that the parties each have a home and an income to meet their outgoings. In high net worth (HNW) divorces, this concern is often not the focus of the dispute, as housing and income needs can easily be met from the wealth in the marriage. In HNW divorces, the dispute is often around the distribution of the assets which are in excess of the parties’ needs.

Hunters’ Family Team has many years of experience in dealing with HNW divorces and negotiating the distribution of luxury assets such as:

  • Wine collections
  • Art
  • Classic cars
  • Yachts
  • Jewellery.

The distribution of luxury assets between the parties in HNW cases can be the source of much dispute on divorce. Issues we regularly address include:

  • One party to the marriage has a keener interest in luxury assets than the other, yet the other seeks to retain the luxury asset(s) as a way of achieving leverage in the overall negotiation;
  • One party suggesting that a valuable asset be sold in order to provide liquidity, whilst the other has a stronger emotional attachment to the asset and wishes to avoid a sale;
  • Disputed ownership, where one party claims that the asset is owned by, or co-owned with, a friend or family member;
  • Valuation disputes – it can be difficult to value unique items, and the party who is keeping the asset will have an interest in arguing for a lower value and vice versa. Often experts are instructed to provide valuations; and
  • Family heirlooms. One party may argue that an asset which has come to them from their family should not be shared within the divorce proceedings.

Judges can adjudicate disputes about personal and luxury assets, but often the issue is too important, for emotional and financial reasons, for a party to want to risk a Judge deciding it – in case the decision is not favourable. Therefore, the distribution of luxury assets is often decided following a negotiation, which can be lengthy, between the parties’ solicitors, as part of the overall settlement of the case.

If you have any questions or queries about divorce and luxury assets, please contact Partner Amy Scollan on amy.scollan@hunterslaw.com Tel: 07778858670


Related News

Feb 26, 2021
Richard Kershaw considers the implications of Mr Justice Cohen’s judgment in FRB v DRC (No 3) in Family Law Week
Feb 25, 2021
Richard Kershaw examines the impact of market volatility on divorce settlements in Finance Monthly
Feb 24, 2021
Polly Atkins examines whether one can charge an ex-spouse rent whilst waiting for their home to sell
Feb 19, 2021
Richard Kershaw examines whether you can re-open a divorce settlement due to Covid-19 in Edward Fennell’s Legal Diary
Feb 01, 2021
Richard Kershaw discusses recent case where an unmarried couple have been ordered to share investment assets
Jan 18, 2021
Family Mediation Week 2021
Nov 19, 2020
Jay Patel and Polly Atkins examine family law in the lead up to Brexit in Family Law Week
Nov 09, 2020
Richard Kershaw discusses trusts on divorce and their role in financial planning strategies
Nov 05, 2020
Hunters recognised in The Times Best Law Firms 2021
Nov 03, 2020
Rebecca Christie discusses economic abuse and its role in divorce in WealthBriefing

© Hunters Law LLP 2021 | Privacy NoticeLegal & Regulatory | Cookies Policy | Complaints Procedure.

Hunters Law LLP is authorised and regulated by the Solicitors Regulation Authority (number 657218)

WARNING: Website falsely claiming to be Hunters Law

4 March 2021

The website 'hunterslawllp.com' is operating, falsely claiming to be Hunters Law. This website has been created to mirror the genuine site, although contact details including telephone number and email addresses have been changed, and the SRA verification badge does not work.

We have also been made aware of a series of faxes circulating, purporting to come from ‘barrister’ Dominik Opalinski, advising of an unclaimed inheritance of $16.95M, which feature the same website address. Dominik is a genuine partner of the firm, but is not a barrister.

We have reported this to the SRA, and contacted the website domain hosts to request its urgent removal. If you receive correspondence of a similar nature to that described, please contact us directly by reliable and established means.