Some people hail divorce as a blessing, and as a curse by others, but one sure thing is that divorce is a costly and emotionally exhausting process. For spouses with a significant amount of assets or wealth, divorces can be costlier and more complex.
If one of the spouses had a significant amount of wealth before going into the marriage, a prenuptial agreement that indicates who gets what can simplify the divorce process. However, if both partners built up fortunes together, asset division is likely to be very confusing and contagious. This is the primary reason individuals planning to end their marriage should hire a local high-end asset divorce lawyer for legal counsel and support. Here are some of the unique considerations in the high-asset divorce process.
Complicated asset issues
It is challenging to identify assets in a high net worth divorce case. There are probably assets that each of the partners owned before marriage, and they must be considered separately. Note that some of the assets may be impacted by the divorce as the amount of asset appreciation is regarded as marital property. In case the spouses owned assets in a community property estate, there is a good chance part of the property will be considered subject to equitable relief, and the other part as community property.
Additionally, the spouses may own several pieces of real estate and may have special interests in companies. Generally, divorce can impact businesses in different ways. First, it can affect the owner’s perception of risks, productivity, and overall focus on growing the company. The loss of controlling a portion or share of the company can have a direct impact on the enterprise’s operations.
Evaluations might be complex too
Nearly all divorce cases involving high-end assets require special evaluations. For instance, a company expert may have to establish the value of an enterprise by checking its accounts receivables, goodwill, annual statements, and the company’s debt. Sometimes, different experts could offer competing observations and opinions.
Besides, the evaluation of assets could be challenging, especially for intellectual properties, retirement accounts, stocks, collections, unvested interests, and other high-value assets. All these complicated asset evaluations require in-depth analysis by a reliable, trusted expert who can testify in a court or prepare a written appraisal. This requires an indisputable demonstration of how the asset’s value was established via objective asset valuation criteria.
Spousal support
Often, spousal support is available in most divorce cases involving high net worth assets, particularly if there is a disparity in income between the spouses. For example, one of the parents might have left his or her job to help his spouse in handling business. Remember, spousal support is never a straightforward issue, and you need the help of an experienced lawyer to help you handle these issues.
Seek legal help
Generally, all divorce cases involving a significant amount of wealth are complicated. It is in your best interest to retain the services of an experienced attorney to ensure every legal aspect of the entire process is professionally handled.