International assets do cause a problem, but that is not to say that the English courts will simply disregard them.
In the right circumstances, foreign accounts can be frozen and further disclosure ordered by the English courts. If they are regarded as matrimonial property, then they will be taken into account when considering the overall financial settlement.
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Anything that you own outside of the UK is an international asset. This could be property, bank accounts, investments, or a business. It also includes pensions, inheritance, or shares in another country. These assets can be complex as they are also subject to the laws of the country in which they are held. For example, rules on ownership, taxation, and inheritance may vary. It’s important to understand how they will be treated in both UK law and the relevant country’s law. With careful planning, international assets can be managed effectively, preventing disputes and protecting your financial interests.
Yes, you should declare any overseas assets when divorcing in the UK. The court expects full financial disclosure and if you don’t, it can lead to legal penalties or an unfair financial settlement. This includes any asset, however small or difficult to access it may be. By being transparent, you help to ensure the process is fair and prevent potential disputes in the future. It is important to seek legal advice to understand what needs to be declared.
In some cases, yes, but it can be complicated. The UK court can make orders about assets overseas, but whether they can be enforced depends on the law of that country. Some countries recognise UK court orders fully, while others don’t, which makes things difficult. Legal advice in both countries is often needed, to ensure the orders can be applied for real. A little planning can go a long way to preventing nasty surprises during the settlement.
Yes, international assets are taken into account in child or spousal maintenance. Foreign assets are part of the couple’s overall financial situation. If one person tries to conceal overseas property, a court can order complete financial disclosure and may even appoint experts to locate hidden assets. Transparency is crucial and hidden assets may result in further legal action or penalties. An attorney can guide a person in making sure maintenance calculations are accurate and fair.
You may want to look at a prenuptial or postnuptial agreement to safeguard international assets in the event of a divorce. A prenuptial or postnuptial agreement can allow you to specifically identify which assets will be separate and how they will be treated. You can also use other legal vehicles, such as a trust, to shelter inheritances or investments made overseas. By planning ahead prior to marriage you can ensure that both parties are fully aware of the financial arrangements and help avoid future disputes. Independent legal advice is crucial to make sure any agreement is enforceable.
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