29 June 2015
Money and Divorce: A Complicated Marriage
Money can complicate things, and if a married couple have significant assets it can create issues in the event of a divorce.
The division of finances can become very complex in a case where there is substantial wealth. The first stage of the process of resolving financial matters on divorce is to identify what is available in respect of capital, income and pension provision. When a couple have significant amounts of money this can become a time consuming and detailed process to ensure a complete financial picture is established.
The next stage is agreeing as to how those assets should be divided fairly, which can be extremely contentious particularly when one party feels they have contributed more to the accumulation of wealth.
There can also be a more direct financial consequence if a couple separate. Andrew Newbury, Head of Family Law, confirmed this recently when commenting in a magazine about celebrity couple Jay Z and Beyonce.
The article referred to US reality star Sincere questioning whether Jay Z and Beyonce are in love or whether their marriage is a business contract to increase their respective fortunes.
Sincere commented, “It’s a smart business move for them to be in a relationship whether or not they have a genuine love for each other.”
Additional comments from an insider who has worked with Beyoncé reveal about the couple, “They’re locked into so many mega-million-dollar contracts that, if they did want to split, they can’t without it costing them a fortune.”
It’s not so straight forward for a couple like Jay Z and Beyonce to divorce due to their combined financial assets. Newbury highlighted the issues the couple may face if they were to divorce, saying, “The more money you have, the more complex your finances are. A couple like Jay Z and Beyonce are likely to have a lot of shared investments and combined business assets.”
If you’re thinking about getting divorced, you should be mindful of the hurdles along the way. These can include disagreements about the division of your finances and assets, making decisions about the care of your children and any maintenance agreements. This is important regardless of your financial circumstances. Where assets and income are more limited, deciding how these should be shared can also be difficult to ensure the needs of the parties and children are met.
Family lawyers at Slater and Gordon understand how stressful and emotional divorce can be and are available to help you resolve matters as efficiently and professionally as possible. For an initial consultation with a family law expert call us on freephone 0800 916 9055 or contact us online and we’ll be happy to help.