New Appointments:
087 822 1639
087 822 1639
The legal process for obtaining a divorce is generally the same for all individuals.
Still, the specific issues addressed in a high-net-worth divorce may be more complex and require the involvement of additional experts.
When it comes to divorce, the process can be emotionally and financially taxing for any individual. But for high-net-worth individuals, the stakes may be even higher as there is often more at stake in terms of assets and financial security.
This article will delve into what it means to be a High-Net-Worth Individual in South Africa, common challenges faced in a high-net-worth divorce, and what a divorce attorney may consider when handling such a case.
A high-net-worth individual, also known as an HNWI, is someone who has a net worth of over ZAR 10 million.
This includes the value of their investments, property, and other assets minus any debts.
High-Net-Worth Individuals may also be referred to as ultra-High-Net-Worth Individuals(UHNWI) or affluent individuals.
High-Net-Worth Individuals in South Africa may come from a variety of professional backgrounds.
This may include:
Investec stated in an article that “A New World Wealth analysis of South Africa’s private wealth levels between 2007 and 2017 shows that the number of high net worth individuals (HNWI) – those with private wealth in excess of $1 million – surpassed 43,500 in 2017. Based on the firm’s analysis, this figure will continue to rise over the next decade to reach 56,000”
There are several challenges that High-Net-Worth Individuals may face when going through a divorce. These may include:
High-Net-Worth Individuals may have a range of complex assets, such as multiple properties, businesses, investments, and more.
Dividing these assets can be a complex and time-consuming process.
When financial stakes are high, such as in a High-Net-Worth Divorce, spouses often hide or fail to disclose assets.
Non-Disclosure or hiding of assets may take on many forms, such as:
Prenuptial agreements, also known as antenuptial agreements, can complicate matters in a high-net-worth divorce.
These agreements outline how assets will be divided in the event of a divorce and can be contested by one party.
Divorce can be a stressful and emotional experience for anyone. Still, for high-net-worth individuals, the added pressure of protecting their wealth and assets can make the process even more difficult.
There are several key differences between a standard divorce and a high-net-worth divorce, including the more significant financial stakes, the involvement of financial experts, and the potential for a longer process.
High-Net-Worth Individuals need to work with an experienced divorce attorney who understands the unique challenges and considerations of a High-Net-Worth Divorce.
These may include:
In a high-net-worth divorce, significantly more assets may be at stake, making the process more complex and contentious.
High net worth divorces may require the involvement of financial experts, such as accountants and financial advisors, to accurately value assets and determine an appropriate settlement.
High net worth divorces may take longer to resolve due to the assets’ complexity and the potential for disputes.
When handling a high-net-worth divorce, a divorce attorney will typically consider the following:
This includes determining the value of the couple’s properties, businesses, investments, and other assets.
The attorney will work to protect the client’s financial interests and ensure a fair settlement or outcome.
If an Antenuptial Agreement is in place, the attorney will work to enforce or contest the terms of the agreement as appropriate.
The attorney will work with the other party and their attorney to negotiate a fair and reasonable settlement for both parties if possible.
Did you know: In 2021, Stats SA released the latest stats for the divorce rate in South Africa. These stats indicate that divorce in the country is trending downward. In 2019 there were 129,597 recorded marriages to 23,710 divorces.
HNWI Surgeon
High-Net-Worth Individuals may need to consider the tax implications of divorce, such as how assets will be taxed and how maintenance payments will be treated.
High-Net-Worth Individuals may need protective measures to safeguard their assets during divorce, such as transferring assets to a trust or freezing certain accounts.
Managing their public image during the divorce process may be a consideration for High-Net-Worth Individuals in the public eye.
This may include ensuring that sensitive information is not made public and working with a public relations team to manage media attention.
The stress and emotional toll of divorce can be significant for anyone. Still, for high-net-worth individuals, the added pressure of protecting their wealth and assets can make the process even more difficult.
Individuals need to prioritise their mental health and seek support if needed.
Many High-Net-Worth Divorce clients lead international lifestyles.
We have acted in many cases that involve international law – from African countries such as Zimbabwe, Namibia and the DRC to European Countries such as the UK.
In conclusion, divorcing a High-Net-Worth Individual can present various challenges, from dividing complex assets to navigating high-stress situations.
It is crucial for individuals in this situation to work with a skilled divorce attorney and to prioritise their mental health during the process.
Martin Vermaak Divorce Attorney’s Deal With High-Net-Worth Divorces
There are several reasons why High-Net-Worth Individuals should consider consulting with Martin Vermaak Attorneys when considering divorce:
Expertise in high net worth divorce: Martin Vermaak Attorneys have experience and expertise in handling high net worth divorce cases, and understand the unique challenges and considerations involved.
Strong legal team: The team at Martin Vermaak Attorneys includes skilled attorneys with a track record of success handling high-net-worth divorce cases.
Comprehensive legal services: In addition to divorce, Martin Vermaak Attorneys also offer a range of other legal services that may be relevant to high-net-worth individuals, such as prenuptial agreements, wills and estates, and more.
Personalised approach: The team at Martin Vermaak Attorneys takes a personalised approach to each case, ensuring that the needs and interests of their clients are their top priority.
Reputation for excellence: Martin Vermaak Attorneys have a reputation for providing excellent legal services and achieving successful client outcomes.
Specialisation in divorce and family law: Martin Vermaak Attorneys specialise in divorce and family law matters. They deeply understand the legal issues involved and can provide expert guidance and representation.
If you are a high-net-worth individual considering divorce, working with an experienced and skilled legal team is vital to protect your interests and achieve a fair outcome.
Martin Vermaak Attorneys have the expertise and resources to handle your high-net-worth divorce case and fight for your rights.
Don’t navigate this complex process alone – contact Martin Vermaak Attorneys today and take the first step towards a resolution.
© 2024 Martin Vermaak Attorneys. All rights reserved.
Terms of Use Privacy Policy