Sue Bland and Anna Wagstaff
Win a fitness package worth more than £3,000

So you’re a private equity or hedge fund bigshot – maybe an ex-Beatle with a cool £800 million fortune. You’ve made your money; you’re admired and respected; when you walk into a room, people pay attention. At home, however, your marriage is on the rocks. The trophy wife (or husband) doesn’t seem so much of a trophy any more. Thing is, you’ve heard that Britain is among the most generous jurisdictions in the world when it comes to favouring the weaker party in a divorce, and that has you worried. John Charman, the insurance magnate, was ordered to pay £48 million to his ex-wife - and few are rich enough for that not to hurt. So what do you do? Will the courts take away half your fortune? Should you start protecting your assets in an offshore trust?
Sounds like you need a divorce lawyer. And if they’re honest, here’s what they’ll tell you.
1. It will not be fun. Don't underestimate the rollercoaster of emotions you will have to grapple with, even if it is your decision to end the marriage. You will be required to make life-changing decisions in relation to your future financial security and, possibly, your relationship with your children. Even the most successful businessmen, the toughest negotiators can lose their objectivity. The most submissive of wives can turn into harridans. Matters are likely to take longer to resolve than you first think, particularly if you are at loggerheads and communication has broken down. So be prepared to be in it for the long-haul – divorce will dominate your life and everything else will come second.
2. From the start, consider a prenuptial agreement. The court’s starting point is an even split of the marital assets, but it retains wide discretion and must take various factors into account. If your romance is destined to last and you’ve got assets to protect, consider entering into a prenuptial agreement before heading down the aisle – particularly if you’ve been married before. Although prenups are still not binding in the UK, the court will place considerable weight on them if it can be shown that the agreement is fair. That means both parties had independent legal advice, both parties provided full disclosure of their assets, neither party was placed under pressure to enter into the agreement, and the agreement was made at least three weeks before the marriage. Don’t turn up at the ceremony with a hastily drawn-up agreement. It won’t be worth the paper it’s written on.

3. If you’re divorcing, don’t try to hide your assets. One of the first questions a divorce lawyer is often asked by a wealthy husband is, “How can I hide my money?” Don’t risk it. It is highly likely they will be traced. And if a court considers that assets are being placed beyond its reach in an attempt to defeat your spouse’s claim, it is likely to freeze your assets altogether.
4. Don’t fool yourself into thinking that putting your assets into a trust will save them. Trusts established for tax planning purposes are not immune from the court’s jurisdiction and can be attacked. If you are seriously considering putting your assets into a trust so that they are beyond the reach of a spouse, they must be beyond your reach, too. John Charman moved assets offshore and argued that they should be excluded from the marital pot. It didn’t work.
5. Don’t try any artistic editing of your bank statements or other documents. That won’t wash, either. If the court considers there has been non-disclosure, it will come down like a tonne of bricks on the offending party and may order them to pay the all the costs of the proceedings.
6. Try to resolve disputes over the division of the contents of the home between yourselves. Don’t let things get out of perspective. It is usually cheaper to replace an item you’re arguing over than to fight about it through your solicitors. One couple incurred significant legal costs arguing over who should retain ownership of a favourite painting, even though neither of them could actually see it. They were both blind.
7. Every penny you spend on lawyers shrinks the marital pot you’re fighting over. Divorce is expensive, both in terms of time and money. An amicable divorce, including the resolution of the financial issues, will take between four and six months. A fully contested divorce, in which all the financial matters are disputed, may cost more than £50,000 and even run into hundreds of thousands of pounds, depending on the complexity of the case, and could take 18 months to get to trial. Don’t fritter away that pot. Legal costs can quickly mount up with needless correspondence passing between solicitors. One couple spend hundreds arguing on who should pay the vet’s bill for the family hamster.
8. Make sure you get early legal advice, particularly if there is a jurisdictional issue at stake. Some people have more than one habitual residence, so more than one court may have jurisdiction. It is therefore essential that you seek advice as soon as possible – timing will be key when it comes to where you issue your proceedings. Different jurisdictions deal with finances in very different ways, so it’s important to get it right. Jim Moore, founder of the property education group Inside Track, and his wife Kim have already spent over £1.5 million arguing over whether their divorce should be heard in England and Spain.
9. Don’t move out of the matrimonial home unless your sanity is truly at stake. If you are meeting the outgoings on the house your spouse will have no incentive to resolve matters swiftly if you move out.
10. Don’t cut your spouse off financially without warning. It might be tempting to put a stop to a joint credit card, for example, or to freeze a joint bank account. This is likely to be met with an immediate application for interim maintenance. If you are concerned with your spouse’s level of spending, speak to your lawyer; they will advise you as to whether your spouse’s spending is excessive and the level of financial contributions you should be making pending the resolution of financial matters.
Industry sectors news at a glance. Interactive heatmap, video and podcast
The inside track on current trends in the charity, not for profit and social enterprise sectors
Read our exclusive 100 Years of Fleming and Bond interactive timeline, packed with original Times articles and reviews
Everything the Business Traveller needs to know to make a better trip
Shortcuts to help you find sections and articles
05/2005
£13,500
08/2008
£109,950
2006
£10,750
Great car insurance deals online
£Excellent+ executive benefits
Torres and Partners
London
£49,229 - £62,035 pro rata
Charity Commission
London/Liverpool/Taunton
Alstom Power
Europe
Six Figure
Rolls Royce
Midlands/Europe
From £89,950
Great Investment, River Views
Special Offers now available
New Year in the USA!
.
Cruise the Islands of Hawaii - Pride of America
List your property with two leading travel websites
Great travel insurance deals online
Contact our advertising team for advertising and sponsorship in Times Online, The Times and The Sunday Times, or place your advertisement.
Times Online Services: Dating | Jobs | Property Search | Used Cars | Holidays | Births, Marriages, Deaths
News International associated websites: Globrix | Property Finder | Milkround
Copyright 2008 Times Newspapers Ltd.
This service is provided on Times Newspapers' standard Terms and Conditions. Please read our Privacy Policy.To inquire about a licence to reproduce material from Times Online, The Times or The Sunday Times, click here.This website is published by a member of the News International Group. News International Limited, 1 Virginia St, London E98 1XY, is the holding company for the News International group and is registered in England No 81701. VAT number GB 243 8054 69.
In recent decades the risks for men in marriage have increased significantly, while the rewards from it have greatly diminished. Pure and simple. The question therefore is: why would any man actually want to get married these days?
Men can now enjoy any manner of relationships outside of marriage. On the other hand , within marriage, the notion of being a supportive wife is now resented and actively scorned by many women as a betrayal of feminism. In the statisically likely event the marriage ends in divorce, a man faces financial ruination and loss of any meaningful access to the children.
While the same question may be directed at women who are thinking of marrying men poorer than they, the difference is they are likely to do much better on child access in the event of divorce.
Karl, Auckland, New Zealand
If marriage is defined as a husband and wife's lifetime commitment to one another despite inevitable hardships, then a pre-nuptial agreement seems to contradicts it. What's the point of getting married if you have reservations about the whole concept of marriage. I love you, and I give my entire self to you...errr, but if things don't work out I'm just letting you know I keep the car and house. Have a nice life.
- If this is the cultural mind-set, then we should plan on pumping more money into state daycare since both parents will be too involved with themselves to take care of them
Ben, Crozet, Va
It's really hard to see the advantage of getting married at all. Yes it's very romantic but when you risk losing half everything you've ever earned just because your spouse gets bored of you, there needs to be an upside. What's the advantage of having a wife or husband over just having girlfriend or boyfriend to offset the risk of the financial and emotional destruction of divorce?
For now, some people are still risking financial catastrophe because marriage is still the social norm, and that norm exerts pressure. But gradually the horrifying impact of brutal divorce settlements seems to be seeping through to our marriage rate and marriage is becoming steadily less of a norm. With the social pressure to marry easing and the dangers growing, you can't help feeling that the institution's days are numbered. Unfortunately this will be bad for women who want someone to support them while they have kids. On the other hand, it can only be positive for everyone else!
Malcolm Lochhead, London, UK
I am a German family lawyer and had recently the opportunity to learn about the difference between our legal systems. We were all very surprised that it is in England really a question of money to get your right.
In Germany lawyers determine their fees after the amount in dispute. Because of this the clients know very well what they have to pay and it doesn't matter how long we have to work for the case. Naturally it is in our own interest to get things done quickly. If the client's financial situation is very good we try to come to an agreement. But it is not the rule.
What is more most of the clients are in very bad financial circumstances. So 80 % are cases of legal aid and lawyers cannot refuse to work on the case although the fees are lower than normal fees. Unnecessarily to point out that our income is far away from our English colleagues' one.
Mertens-Meinecke, Lawyer, Germany
Mertens-Meinecke, Salzgitter, Germany
If only point 12 was true ....
Still fighting, The Hague, The Netherlands
Pre-nups are not enforceable but are highly persuasive, as are Cohabitant Agreements. In fact, Cohabitant Agreements are the more likely to be enforced because pre-nups require to be fair and reasonable at the time they are entered into.Cohabitants in Scotland were given new financial rights on 4th May 2006 when the Family Law (S) Act came into force. Prior to that it was difficult for unmarried couples - same or opposite sex â to make a financial claim except in restricted circumstances or unless they had a Cohabitant Agreement to rely on. In my experience as a family law solicitor, people in love rarely protect themselves financially, believing the love will last forever. The new rights should support fairness where finances have become intermingled but where one party has contributed more financially to the relationship than the other or where one has been severely disadvantaged.Yes, it will be the court's view of fairness but that might be better than your ex's!
SMcGregor, Solicitor, Glasgow, Scotland
Pre-nups are not enforceable but are highly persuasive, as are Cohabitant Agreements. In fact, Cohabitant Agreements are the more likely to be enforced because pre-nups require to be fair and reasonable at the time they are entered into.Cohabitants in Scotland were given new financial rights on 4th May 2006 when the Family Law (S) Act came into force. Prior to that it was difficult for unmarried couples - same or opposite sex â to make a financial claim except in restricted circumstances or unless they had a Cohabitant Agreement to rely on. In my experience as a family law solicitor, people in love rarely protect themselves financially, believing the love will last forever. The new rights should support fairness where finances have become intermingled but where one party has contributed more financially to the relationship than the other or where one has been severely disadvantaged.Yes, it will be the court's view of fairness but that might be better than your ex's!
SMcGregor, Solicitor, Glasgow, Scotland
Is there a time limit on divorce proceedings? My wife filed for divorce in Oct. 1998, because of the tension I moved out of the jointly-owned home in Croydon to a bedsit in June 2000. My two children, then aged 13 & 15 remained in the house. I since found a new partner and moved to Northern Ireland in December 2001. A decree nisi was finally granted in December 2005 pending a financial settlement. My ex-wife's solicitors have continually ignored my solicitor's (Lurgan, Northern Ireland) attempts to resolve the financial settlement. The solicitor is never in/on holiday, & ignores all letters, emails, and generally give us the run around. Apparently the Law Society and the Solicitors' Governing body can do nothing about their incompetence/apathy as I am not their client. I have been in a state of limbo for about the last five years, I can not receive my decree nisi certificate, hence not remarry. The house is valued at around £300k, outstanding mortgage of £55k. Can anyone help me?
Stuart Watson, Portadown, Northern Ireland, UK
Also don't forget many women now pay out to men in divorce as I did. Prenuptials are not enforceable under English law and this Government is about to give financial marriage type rights to cohabitants so I suggest a monastery or chastity belt, post divorce or a move to a fairer state. or turf them out of the house before midnight every night which I suppose solves the snoring issue.
Supermother, London,
.......or you could hire a team of ninjas.
James, Monteria, Colombia
This merely adds to the well -known fact that marriage has been made prohibitive by the wholly 'unequal' legal changes of the last four decades. Marriage is the only contract in law where one can be financially penalised in court despite adhering strictly to the terms of the contract. Parliament, lawyers and the judiciary have converted the most fundamental contract of society into a giant farce.
Paul, Glasgow,
For goodness sake! My ex-husband and I divorced very amicably just through talking like reasonable adults. Although I had a lawyer through legal aid, my ex did not and much of the groundwork in forming our settlement was via discussion over a bottle of wine. This is not to say that our marriage was not pure hell for both of us, at times, but we were able to see that it was in neither parties interests to attempt to fleece one another. Although I claimed full maintenance for our 3 young children (having primary care of them), I made a spousal maintenance claim of £0.01 per annum, as it would be neither in my interests, nor my children's, (or, obviously their father's!) to see him struggle financially. We remain firm friends. I realise that there are situations where one party is totally intractable but, so far as we were concerned, the solicitors and other agents interventions could have driven wedges between us and prevented the equitable outcome we negotiated. Communicate!
Snapper, Lancaster,
"Marriage is sponcered by lawers if your thinking of getting married dont its only short term and the women get the money"
Really? I'm a woman, my ex kept nearly everything, even though I was the one who paid for the house, the loft conversion, the central heating, etc. while he was still a lowly student. Now he earns more than me. But did he do the gallant thing and give me half of everything? Ha! He gave me HALF the equity in the house. That's it. And I couldn't afford a lawyer, so I couldn't do anything about it.
Pooh, Lancaster,
I am 66, I have never married, and reading this, I know I was right !
Massias, Casablanca, Maroc
Would recommend a prenuptial agreement. Ours was easy and straight forward, we both just listed who had what in terms of assests and cash. We both had our own businesses and the agreement covered those too and stated that any profits or losses remained with the owner of that business. Our lawyer stated that the agreement wasn't legally binding in court, but should it ever go to court it was a good starting point for the court to decide who should have what. She also commented that people who can talk about these agreements upfront before marriage usually don't walk back in to her office for divorce proceedings!
Nikki , Peel, Isle of Man
This column totally misses the obvious - if you have a family computer that you both use a spouse can easily purchase and load spy software which records every key stroke - EVERYTHING. The suspicious spouse can then print out e mails/bank statements etc for evidence.
Howard, Savannah,
There is a far simpler and less stressful option, which is entirely free. Don't get married. Ever. If a woman loves you, she loves you just as much single. If you want a "wife" to look after your kids, pay a childminder/get a nanny. If the woman you love won't agree to this, find one who will. Bitter? No, just wise after the event, and learned from my "mistake".
john smith, manchester, uk
My lawyer refused to draw up a prenuptial agreement. If I'd had one, I would have still had the house -I- paid for. As it is, my ex (husband!) kept it, and I'm condemned to live in a rented hovel, just because I didn't want to go to court (things were bad enough for my son as it was, and I couldn't afford a lawyer).
starling, Lancaster,
If you are getting a divorce hopefully as it says
In the article you can maintain a sense of humour.
When I got divorced we split the house fifty fifty.
My ex wife has the inside and I have the outside.
TonyOz, Bournemouth,
Marriage is sponcered by lawers if your thinking of getting married dont its only short term and the women get the money and you get the chance to keep paying.short term partnerships is the way forward.ask anyone who has been married 5 years.
s fisher, london, England
Or even better - DON'T GET MARRIED IN THE FIRST PLACE!
You can't enforce fidelity, reasonable behaviour, not spending excessively or not getting into debt under the marriage contract. If you have assets you get no rights from marriage, but PLENTY of obligations.
The main obligation is to put up with ANYTHING your spouse does, or to divorce them and give them a very large proportion of your assets.
The article says that the court will give a pre-nup considerable weight if it's 'fair'. Always remember that the Court's starting position of what is 'fair' is an even split!
Imagine giving someone (who cheated on you repeatedly) half your equity. Can you buy your house again? Can you buy ANY house again? Or are you ruined for life?
And in return for this risk, you get - what, exactly? Just don't do it.
Jon Page, Winchester, UK
My goodness, there's nothing Machiavellian here whatsoever! Some column. All is says -- basically -- is i) you are doomed to pay and so ii) you might as well be civil.
T. Kehler, Vancouver , Canada
A very effective way of dealing with lawyers (or any other of the professions for that matter) is to tell them at the outset that you want a bill every month, or as soon as the meter hits £500. If you do this, what you are being charged for will be fresh in your mind and you can decide if it is a fair amount. If you do not do this you will receive a bill months or years after the event and you will have forgotten the amount of work done - or more likely not done - by your advisor and you will have no grounds for disputing it. This technique works, and will save you a fortune. If your lawyer will not agree to this system find one who will.
Richard, Rolvenden, England