As a young and successful individual, you’ve worked hard to achieve your wealth and build your lifestyle.
With success, however, comes a range of legal considerations that can shape your future and safeguard your assets. Whether you’re navigating new personal milestones, considering starting a family or planning for the long term, here are some key steps that you should consider to ensure that your interests are protected.
What do you need to consider?
You may think that the law is only relevant for those going through a dispute, perhaps a divorce or dealing with child arrangements, or relating to your work, employment or business.
In reality, it encompasses a much broader spectrum of services designed to secure your personal and financial well-being.
If you’re in a position of wealth and responsibility, here are just a few scenarios where we can help:
Making a will and estate planning
Now, more than ever, it is essential to take steps to protect your loved ones, especially if you are unmarried, or hold significant assets. For more information see:
- Inheritance Tax post Autumn 2024 Budget: lifetime estate planning is essential for an increasing number of individuals
- Inheritance rights of unmarried couples
- The importance of making a Will
Safeguarding against a loss of capacity
Loss of capacity is not just an issue for older people. It can happen to any of us, at any time. The situation can be particularly acute if you have significant wealth or responsibilities, whether through your personal or business endeavours. Lasting Powers of Attorney can assist your family and other interested entities to reduce disruption in very trying times.
Moving in together
As your relationship with your partner develops and becomes serious, there are various issues that you must consider before you move in together.
Purchasing property
If you are purchasing a property with others, you need to give careful consideration to how that property should be held.
You might purchase a property with your partner — see property ownership and cohabitants or with a family member — see helping your children buy property.
You might be purchasing the property through a company or trust structure. Specialist legal and tax advice is required in these circumstances. Contact our private wealth management lawyers or tax solicitors for more information.
Cohabitation agreements
Not every relationship involves marriage, but that doesn’t mean your financial interests shouldn’t be safeguarded. If you’re living with a partner, a cohabitation agreement outlining how assets and financial responsibilities are shared or divided can be invaluable.
Prenuptial and postnuptial agreements
If you’re planning to marry or enter into a civil partnership, or indeed have already tied the knot, a tailored prenuptial or postnuptial agreement can clarify financial arrangements and protect your assets in case of divorce or dissolution. These agreements provide transparency and reduce the potential for conflict should your relationship breakdown.
Engagement rings and divorce
The status of engagement rings can become contentious in divorce proceedings in the light of their value and/or origin. Generally considered gifts, the ownership of engagement rings may be influenced by factors such as family heirloom status or conditional gifting. It’s important to understand how such assets would be treated and to put any safeguards in place.
Living abroad with a partner and family
International relocation with a partner or family introduces additional legal considerations, including jurisdictional issues for any legal proceedings, tax considerations, immigration and child arrangements if you have started a family, and the recognition of legal agreements across borders. It’s essential to seek legal advice to navigate these complexities.
See our expatriate family checklist for more information.
Starting a family
There are many different issues to consider when starting a family. Depending on your situation, we can advise. Examples where you may need some legal guidance may be:
- Co-parenting and parental responsibility
- Platonic co-parenting
- Surrogacy
- IVF and relationship breakdown
If your relationship with the other parent does break down, you may need to discuss child arrangements orders.
Trusts and business interests in divorce
High-net-worth individuals often have complex financial portfolios, including trusts and business interests. Legal advice is required, as well as advice from accountants and wealth advisors, to help you determine the right structure for you, and understand the implications, both financial and personal.
Read about the recent case of Standish v Standish.
Owners of a family business especially need to give careful consideration to the structure of their enterprise.
In divorce or dissolution proceedings, these assets require careful evaluation to determine their inclusion in marital property and result in an equitable outcome.
Inheritance and divorce
Inherited assets can be a point of contention in divorce and dissolution settlements. How they are treated can vary based on factors like co-mingling with matrimonial assets. Understanding how inheritance is dealt with in divorce is crucial for effective estate planning and asset protection.
Estate planning by others or other sudden influxes of wealth
If wealth is being passed down through the family, your family members will inevitably take advice from their private wealth advisors, including accountants, tax advisers, wealth planners and private client solicitors.
Another common scenario might be the sale of your business.
In either situation, it is vital that family law advice is not ignored. How the receipt of wealth before or during a relationship or marriage might be treated if there were a future relationship breakdown must be carefully factored in too, with particular consideration given to pre or postnuptial agreements.
Non-court options and confidentiality
In the event of a dispute, steps to preserve privacy and reputation may be a high priority. Many individuals opt for alternative dispute resolution methods such as mediation, collaborative law or one couple, one lawyer. These approaches facilitate amicable settlements without the publicity of court proceedings, maintaining confidentiality and reducing stress.
If the dispute cannot be resolved using these methods, other options for non-court-based outcomes are available, including arbitration.
Unique challenges including reputational damage
Younger clients with significant wealth often face distinct challenges. Social media can complicate personal disputes, requiring careful management of privacy and reputation, including the impact on other family members. See sharenting: definition and top tips
Our approach
We pride ourselves on being proactive, not reactive. By working with you at an early stage, we can identify potential risks and offer solutions that align with your goals. We help you build a secure foundation for your future.
Our services are discreet, client-focused, and designed to handle complex and sensitive matters.
Why choose us?
Weightmans is a full-service firm, which means we can draw on the expertise of colleagues across disciplines such as tax, corporate, immigration and real estate. This integrated approach ensures that every aspect of your legal needs is addressed.
We understand that legal matters involving family and relationships are personal, so we take the time to understand you and your priorities. Whether it’s protecting your wealth, ensuring the best possible outcome in a dispute, or helping you plan for the future, we are here to support you.
