Are you about to get a divorce from your spouse, but you are concerned about how the process will go because you have a high net worth? This can add some complexities to your divorce case that you need to be aware of to help the legal process go smoothly.
The Types Of Assets
When it comes to a high-asset divorce, the term refers to situations where a couple jointly owns investments, real estate, businesses, retirement accounts, and things of that nature. There can also be documents in place like prenuptial agreements and corporate structuring documents that help guide the decisions during a divorce but do not completely cover everything. You'll need a lawyer to help guide you through the complexities of a divorce to help protect everyone's interests to reach a fair resolution.
The Asset Valuation
The only way that assets can be divided fairly is if there is accurate asset valuation. This often involves bringing in appraisers, forensic accountants, and specialists that can assign a valuation to a business. There may also be a need to uncover assets that a spouse is hiding because they do not want to divide everything in the divorce and unfairly keep things for themselves.
The Business Division
One of the most complicated parts of a divorce will be dividing a business, especially if two people have a significant interest in the business. Ownership stakes will need to be divided, as well as how to split future income generated by the business. There are several legal strategies that can be used, like buyouts, to help make the division simple and clean. However, that may not always be an option due to the complexities and logistics of a buyout.
Understand that there is more on the line than simply who receives a fair share of a business. There are often the jobs of employees as well, so it affects the lives of other people. A divorce lawyer will help prevent the lives of others from being impacted by your divorce.
The Spousal Support
Another complex legal matter in a high-asset divorce is spousal support. This is because the lifestyle of the couple before the divorce will be highly considered to determine how much spousal support is granted. Spousal support is also determined based on the earning potential of each person after the divorce. It's very possible that someone is in a position where they will never have high earnings due to a lack of education, training, or employment history, and it will be made up for in spousal support.
Contact a local divorce lawyer to learn more.Share