Divorce and Dynastic Wealth: Implications for Family Businesses and Assets

It is often said that a marriage is about more than just the couple. This is especially true at the end of a marriage when family businesses and assets might get embroiled in the maintenance and ancillary relief proceedings. Can the ex-spouse take a property held by the other’s sibling? Can rich parents be asked to support the ex-spouse’s accustomed lifestyle? This course aims to provide a comprehensive overview of the current state of the law relating to third parties’ property rights in a divorce, in particular how intervener proceedings and s. 17 MPPO applications work and how the court views trust arrangements, beneficial interests in property and informal family support.

Detailed Information

  • Introduction to asset division, maintenance and what falls into the matrimonial pot
  • S.17 Applications
    • Transactions which the spouse impugns with the motive of removing assets from the matrimonial pot
    • What are the requirements for such an application?
  • Intervener Proceedings
    • How to exclude third party property from the matrimonial pot
    • Procedure in a preliminary inquiry
    • Assets in which the spouse is a nominee holder
    • Assets in which the spouse has a beneficial interest
  • Judicious encouragement “ – when rich families are asked to support ex-spouses
  • Family trusts – can they ring fence assets?
    • Poon Lok To Otto v Kan Lai Kwan Kay and HSBC International Trustee Ltd
  • Introduction to pre / post nuptial agreement and Separation Agreements
  • What will happen to the family business?
    • Valuation of the interest
    • What if the spouse was a partner/shareholder?
    • The court’s approach

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