The WSJ had an article recently about making the “global baby.” Seems that is the new status symbol for affluent parents here in the U.S. and abroad. Got me to thinking about the global divorce. As the world’s wealthy continue to get richer, they are living increasingly global lives. They have homes in multiple countries and islands, and cash in banks in far flung locales. Their home-schooled children (who are multi-lingual) lead peripatetic lives, jetting on private aircrafts to numerous world capitals with their parents at a moment’s notice.
These business people (the rich are usually into some form of enterprise) run multi-national corporations with business assets governed by the laws of several jurisdictions that are interpreted by as many different tax codes that often conflict with each other raising conflict of laws issues and suits.
They hold dual citizenships and often claim various domiciles.
They execute prenuptial agreements in one country, and any number of post-nups in various other countries, get married in a different country, then they live in yet a fourth country part of the year, but own homes (and time shares, and parked yachts) in several others yet.
And then they divorce.
This dispute could trigger a jurisdictional pow wow because invariably someone is going to try to forum-shop. This is the new divorce. It’s increasingly international, increasingly global. You’re really a nobody unless your divorce is “global.” The global divorce is definitely the new status symbol. Just ask billionaires Dmitri Rybolovlev and Roman Abramovich and guys like them. They know what I’m talking about. Divorce law is increasingly an exercise in International and comparative law jurisprudence. This transnational paradigm is causing the practice of divorce law to become increasingly sophisticated and complicated. Don’t be surprised to find an increase in boutique firms with a practice tailored exclusively to the ultra rich, global/international clientele.
Filed in Divorce News
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