High net worth divorces are distinguished by one thing: a huge amount of money or assets, property, businesses and other valuable items. That’s also what makes them more challenging. While most divorces can be emotionally harrowing and difficult, high net worth divorces can be even more difficult and take longer to resolve. After all, with more assets to divide and fight over, lawyers have bigger ground to cover.
Possible Financial Snags
In case you and your soon-to-be-ex spouse run a company together, getting a divorce will require you to have your business valuated, examined, and assessed for distribution. That’s one way to divide the enterprise and its assets between the two of you. Have non-family partnerships? Maybe you and your soon-to-be-ex have joint retirement accounts or even pensions or stock options? If there are any other properties or assets that must be divided, then that’s going to make for a complex and long process.
Mistakes to Avoid
Withholding any assets is against the law. The same goes for transferring any assets you might have to third parties or not sharing information about them in order to keep them out of your soon-to-be-former spouse’s reach. This also works the other way around, in the form of your failure to look for any hidden assets. You also need to factor in the tax consequences when you go through a divorce. Make sure you have enough to pay alimony.
In such cases, it’s particularly important to get in touch with high net worth divorce lawyers, says Fay, Farrow & Associates. Given their years of experience handling extensive property distribution cases over the years, they’ll be in a much better position to handle your case than divorce or family lawyers who deal with cases with average, minimal, or even zero assets, money, or properties.