I'm getting divorced – how do I protect my assets?

At last, it would seem - and is hoped- that the divorce battle between Scott and Michelle Young is finally over after a seven year war of words.

Last week, Mr Justice Moor ordered Mr Young to pay wife Michelle £20 million after declaring that despite his claims of being penniless, tycoon Mr Young was in fact worth £40 million.

There have been some incredible revelations throughout the court case including how property magnate Mr Young stood to make £2.8 million from Facebook shares and received £80 million in cash payments between 2004 and 2009, even though his bank accounts showed no record of them.

His wife Michelle accused him of hiding all of his assets in a bid to deny her a financial settlement of £300m - previously he had offered her £27 million.

But Mr Young claimed he had no money, owing money left right and centre after declaring himself bankrupt in 2010. In 2006, he was worth £400m. How he managed to lose so much money is anyone's guess!

But this is just one of a number of high profile cases where a spouse, normally male and extremely wealthy endeavours to protect his assets.

Take for instance oil tycoon Michael Prest who was ordered by seven supreme court judges to hand over almost half of his £48million fortune to his ex-wife Yasmin.

Mr Press fought his wife's claim for a50:50 split of his assets on the grounds that a large amount of the sums in dispute were as a result of 14 properties held in the form of company assets.

But the Supreme Court ruled they should be included in his settlement and ordered that they be transferred to Mrs Prest.

This decision meant that her divorce settlement was £17.5 million with the addition of the couple's £5 million home in Maida Vale, London.

As a divorce lawyer in Liverpool serving St Helens and the Wirral, I welcomed this ruling because it means that spouses can no longer try and avoid their responsibilities using a corporate structure. It is also going to benefit wives fighting for their legal entitlement.

However, this ruling is not only for the wealthy and unfortunately, those on moderate means might suffer as a consequence.

That's why I thought as family solicitors in Liverpool serving St Helens and the Wirral, it would be a good idea to run through some of the questions I am often asked by my clients.

I have my own business, do I have to give my ex half of it?

There is no definitive answer here. Until the Prest ruling, assets such as businesses were not usually taken into consideration and even this ruling doesn't necessarily mean that lawyers can go after this type of asset.

Usually, a business asset can only be included in a divorce settlement if the judge believes attempts have been made to hide a couple's assets so that the finance settlement is reduced.Sometimes, couples can find that should this happen, a judge can rule for the business to be included in the assets.

If the business is viable and there are other owners and creditors, then this would not be included in the divorce settlement although your share in a business could be taken into consideration.

Can I protect my pension?

When you get divorced, the pension is usually the biggest asset after the family home and there are a variety of ways that it can be divided up.

In England, Wales and Northern Ireland, the court has to take into account the number of pensions and pension rights that you and your spouse have before deciding how they will be split.

The first thing that has to happen it to get a pension valuation and find out what it is worth. Once this has been completed, there are three ways the pension can be divided up:

• Pension sharing - you are awarded a percentage share of any one or more of your former spouse's pension

• Pensions attachment - you agree to receive an amount of your ex-spouse's net pension income or lump sum when it starts being paid. But this means you cannot receive any payments until the pension has been drawn upon

• Pension offsetting - the value of the pension is offset against other assets such as the family home

Read my blog, can you really treat a divorce like a business deal, to find out more about how finances are divided.

Does it matter if I don't declare all of my bank accounts?

When you get divorced you are legally obliged to disclose all of your assets such as your salary, property and pensions both here and overseas.

Both you and your spouse will have to fill in Form E which details all of your finances - you will have to include bank statements, tax returns and anything else that is relevant.

Once it has been signed it is legally binding. Therefore, if it is found at a later date that you have deliberately not included relevant information then this would be considered contempt of court and you may face being fined or even imprisoned.

And if your former spouse has had to employ a specialist lawyer or forensic accountant, you may be landed with extra costs.

Does it make a difference to the financial settlement if I sell my assets to friends and family?

If you do this, a judge can still order that these assets be taken into consideration.As a family lawyer in Liverpool serving St Helens and the Wirral, I would advise that this really isn't a good idea and such behaviour will be frowned upon.

If you and your spouse decide to get divorced, then make sure you get legal advice as soon as possible. Don't go down the DIY divorce route - read my blog to find out why - because as family solicitors in Liverpool serving St Helens and the Wirral, we are not just here to sign the paperwork but also offer you support and guidance.

As Relate advise, getting divorced is an extremely emotional and stressful time but using a specialist solicitors should hopefully reduce that pressure.

Do you agree with the Supreme Court ruling in the Michael and Yasmin Prest case? Should a spouse have rights to their ex's pension?