Protecting Wealth & Family Law

By Ross Phillips, August 2020

Our mission is simple: to provide excellent, trusted and truly personal legal services. Key to our success at Goughs is our ability to adapt to ever-changing landscapes. We recognised the need for a different approach to client care and in 2017 introduced ‘Sectors’ to the firm.

What does this mean?

Our approach is different. We look through your eyes, we think about your needs and take the time to understand your world. You can rest assured that our sector specialists will provide pragmatic and practical solutions that will always meet your needs.

As a Partner in the Family Law Team and member of the Private Wealth Sector, I am regularly instructed by high net worth individuals going through separation and divorce. Such cases often involve complex family trusts, businesses and inherited wealth.

The complexities of divorce and high net worth wealth

It is saddening and frustrating for individuals to learn that the person they once trusted more than anyone can, on divorce, seek up to half, sometimes more, of their assets held in trust. Family businesses may have to be broken up or sold to settle a divorce claim and inherited wealth may need to be shared to meet both parties' needs. 

Parents will often want to secure their child’s future by ensuring their child’s spouse or partner won’t be entitled to make a claim on divorce or separation, when they are considering handing wealth down through the generations.

How can Goughs support?

There are many legal remedies available that can support you and your families future. Cohabitation Agreements set out clearly defined parameters on exactly what must happen with assets accrued by a couple in the event of their separation. Prenuptial and Postnuptial Agreements entered into are increasingly likely to be upheld in the event of separation. The days of them not being worth the paper they are written on are long gone, so I would strongly recommend giving Goughs a call to advise you on your situation.

Ross Phillips, Partner & Member of the Private Wealth Sector

Ross joined Goughs in 2011 and is based in Calne. He has a particular interest in high net worth and complex matrimonial issues including, business interests, pre-marital wealth, pensions, trusts and the dissipation or concealment of marital assets. Ross can be contacted direct on email or phone 01249 812086 to provide you with further advice.