There were two main reasons why Ulrich V was deposed by his relatives: From c. 1395, a coalition consisting of Reinhard II and his younger brother, John began acting independently and even against Ulrich V. This led to an open dispute, which was settled by a compromise in 1398.
From 1400, and more so from 1402, Reinhard II and John sought support from Archbishop John II of Mainz, who eventually changed sides and dropped his support of Ulrich V. In 1404, Ulrich V gradually lost power.
On 20 February 1404, Reinhard II and John took up government; on 20 November 1404, Ulrich formally abdicated and ordered his subjects to pay homage to his brothers.
His wife had already renounced any claims she might have on Hanau earlier that year, in return for a monetary compensation, without Ulrich V being even mentioned in the contract.
In 1394, Ulrich V married Elisabeth (c. 1375 – 1 December 1431), the daughter of Count Gottfried VIII of Ziegenhain.