A Multi Millionaire shows how to protect your Assets in divorce.

Mr and Mrs Mubarak have spent more than £4m in legal costs so far in their divorce/financial settlement case. Their case shows the inability of the U.K.'s family justice system to enforce divorce awards against former husbands whose wealth is tied up in trusts, off-shore structures and other asset protection strategies!

Asset protection Planning working in divorce.

Mubarik has run up a bill of more than £2m in costs to avoid paying his former wife, Aaliya, a lump sum of almost £5m, an amount the high court ordered him to pay nearly eight years ago. The pair although resident in the U.K. for tax purposes and liable to English taxation, manage to avoid paying any tax at all! You see some wealth preservation strategies do not need to be just about divorce, the good advice if acted upon can have tax benefits as well.

Note one of the simple things Mr. Mubarak did; The couple, come from prosperous families in the Kashmir region of India and lived in Kuwait and Hong Kong before moving to London in 1997. Mubarik's companies have business interests at the first two locations and there are also shops in Paris and New Bond Street, in London. The shares in his worldwide empire are owned by a family trust in Jersey, which has complicated his former wife's efforts to acquire his assets. Asset protection planning at it's best! These assets are hidden in the open yet so no one can get at them.

Pre Divorce Strategist at work!

Mubarik put his net worth at £8m in the divorce proceedings, but Mr Justice Bodey ruled that he had substantial undisclosed assets and ordered him to pay £4.875m.
In nearly eight years his former wife has managed to get only £266,000 of that, via the forced sale of Mubarik's properties. (Disappointed, baby?!)

Who says Asset protection strategies do not work? Mr. Mubarik obviously had good advice, I wonder from whom?

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