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City Professionals & Their Spouses

The City of London and London generally is home to some of the most profitable businesses on earth. These businesses employ a significant number of the most talented and best paid people. However, considering the pressures on such professionals these days, it is not surprising to learn that these pressures often place a great strain on their personal lives, and indeed on their spouses’ lives.

We have a great deal of experience in dealing with financial settlements upon the breakdown of marriage for City Professionals, acting for both them and their spouses.

Remuneration Packages

Many City Professionals have much more complex remuneration packages than simple salaries. Remuneration packages can include share options which vest over a period of time, cash retention awards, sign-on bonuses, partner drawings/distributions, dividends, employee benefit trusts and offshore pension plans.

The founders and key players of start-up firms often take relatively low starting remuneration. Instead they anticipate an advantageous sale once the firm is a fully running concern. Such sales may involve significant tax issues.

Sometimes spouses believe that a sale is being negotiated but the city spouse denies it, which of course means a large discrepancy in valuations of assets.

When acting for the spouse of the City Professional, we make careful enquiries about the precise package that the City Professional is employed on, together with their expectations.

When acting for a City Professional, particularly bankers, we carefully consider that our client is not boxed into a position where they are paying such a high proportion of their assets or income that there is no allowance for the risks that they carry at the same time. This is particularly important when the market is volatile.

We have extensive experience dealing with many varied city occupations and businesses, ranging from banking, hedge funds and publishing to real estate and professional practices.

We use a full range of experts, including expert Counsel, forensic accountants, pension actuaries and other advisers to ensure that our clients receive the best possible advice in order to project their case in its best possible light.

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A selection of the areas in which our clients live and work, in and around London:

Kensington & Chelsea City of Westminster
Holborn Hampstead & Highgate
Camden Wandsworth
Hammersmith & Fulham Islington
Finsbury Battersea
Marylebone Harpenden

 

We have a Central London office and an office in Richmond from which we serve our clients.

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City Professionals & Their Spouses

City Professionals & Their Spouses - Scenario Analysis Example #1

Mr A and Mrs B were married for 20 years.  Mr A was German, but residing in England.  Mr A had been working as a successful trader in the City.  Unfortunately, the marriage came to an end.  At that point, Mr A claimed that all funds that he had previously accrued in an offshore employee benefit trust were subject to UK income tax at 50%.  Further, Mr A claimed that his bonuses were paid in shares, which would vest over a period of three years and he did not know how much those bonuses would be worth because they would be related to stock market performance.

Our solution
We advised Mrs B that structures could be put in place in relation to the employee benefit trust whereby Mr A could be lent money from the trustees of the employee benefit trust, ie 50% of the value.  These funds could then be remitted to Mrs B.  Mr A would not have to pay any tax if he moved out of the United Kingdom and the funds from the employee benefit trust never came “on shore”.  In relation to the bonuses, we advised Mrs B that there was a simple solution in that she could simply take 50% of the bonuses when the shares are delivered to Mr A.  On that basis, she would equally share the risk with Mr A, but she would equally share the gain.

What our clients are saying:

‘DV’

“I was very grateful for the professional and sensitive handling of all my enquiries at the outset of what is proving to be a difficult time for me. Your knowledge and expertise helped to commence proceedings on the right footing.”


Google Reviews

Brookman Solicitors

70 Reviews

Yesima Hamid 04/09/2020

I want to highly commend Brookman Solicitors firm. I had the privilege of getting very thorough and sensible advice from their solicitor Jennifer Douglas. I don't have enough praise for her. She made me feel at ease and 'got me' and understood very well all the issues and her advice was on point. I felt she had my interest at heart in all the different matters. She was very accommodating and willing. She truly made a difference. She has great insight and I truly recommend her and the firm. They are very professional with the human touch.

Roohie Mahajan 16/08/2020

I am so happy that I hired their services. I am from India and it was my international divorce case. My ex husband is in the UK. I had a free telephone conversation with Henry Brookman and I was so satisfied that without even meeting him I was so confident. My case was handled in the best way possible.

He is probably the one of the best lawyers in the world. He is extremely competent, professional, intelligent and empathetic. The only lawyer who genuinely work to help you rather than making money. He is a very experienced lawyer and he saved me so much money. He is so calm and kind towards his approach. He is the most genuine person I have come across.

I just came to London once to attend my hearing. My husband and his solicitors made it so complicated. My ex husband has to spend double the amount of legal fees than me. This is the difference between hiring a good experienced lawyer. Their fees might be expensive but good lawyer will make you save money at the end. Finally at the end I won the case and my husband has to pay all my legal fees without me travelling to the UK. I will always be eternally grateful to Henry Brookman and Brookman Solicitors. I am falling short of words to praise them.

I highly recommend their services. Keep up the good work.

Jen Ade 23/07/2020

I had an initial consultation and Henry was well prepared. He gave great advice and followed through quite quickly. He was very helpful.

Chris Mullins 15/07/2020

Henry and team were most professional, considerate and efficient when handling the financial proceedings owing to my overseas divorce. I recommend their services highly. International circumstance was at first to me most daunting and confusing, given each country had its' own unique approach. Thankfully Henry was knowledgeable of the law on either side of the seas and able therefore to provide best guidance and reasoning to me which enabled favourable settlement!

Wim Jansen 24/06/2020

I contacted Brookman to ask for information regarding the validity of an international divorce court ruling. They were very quick in providing me with the right information. When I had another question a few months later around children matters I phoned them again and after taking some background information and contact details they booked me in for a free telephone consultation with 1 of their partners Talitha Brookman. She spent half an hour of her time explaining to me what I could expect and provided legal advice. All was free of charge. I would not hesitate to contact them again should any matter become more formal and have to go through court. The service has been quick, professional and very friendly.