Going through a divorce can be complicated, emotional, and stressful. Not only are you separating from your spouse, but you are determining many critical aspects of your future. Will there be an award of alimony? How will the assets, including a family business, be valued? How will the ownership of the family business be decided? All these issues are important, and when your divorce is considered a high net worth divorce, they are taken to a whole new level because the stakes are even higher.
One of the most stressful and emotional parts of a divorce may involve the children and the possible battle over custody of the children. Not only does the custody battle decide how you will spend your time with your children, but it can also have a major effect on your finances – especially if child support is involved. If children are involved in your divorce, you need to have an experienced lawyer, who is skilled in custody litigation, by your side to guide you through the process.
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Divorces are emotional and complicated, and the last thing you want is to settle your divorce and feel that you were not treated equitably. Each divorce is unique and there are many ways they can be exceptionally complicated such as adding family businesses, high net worth individuals, or complex support or alimony to the equation. Regardless of how complex your divorce is, one of the most important things you can do is consult with an experienced divorce attorney to help you through the process and ultimately get a fair divorce settlement.
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When you think of a divorce, one of the main worries that comes to mind is the loss of income and assets. This is especially true for a high net worth divorce since there are such high stakes in the division of property. The uncertainties that come with this can be stressful, but educating yourself and leaning on the expertise of an experienced divorce attorney can make a world of difference.
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You may be assuming that everything obtained during the marriage is considered marital property. There are, however, a few exceptions. One of those exceptions is an inheritance received during the marriage or the corpus of an inheritance received prior to the marriage. However, you must take steps to preserve the non-marital nature of the inheritance during the marriage so that it is not subject to distribution if a divorce were to occur.
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Adoption is a process that can have many twists and turns. The steps and procedures may be overwhelming for anyone going through it for the first time, especially in the case of a private adoption.
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A high net worth divorce has traditionally been defined as a divorce involving more than one million dollars ($1,000,000.00) in net liquid assets. The recent divorce case involving Jeff Bezos, the Amazon CEO, and his wife MacKenzie shows how extensive the division of property, stocks, and other assets can be.
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Getting married is an exciting time for couples – from the engagement celebrations to the wedding to the honeymoon. All these events take planning, and one thing couples should also plan for is how to handle the financial aspects of their future marriage. This financial planning may involve creating a prenuptial agreement, which is also referred to as a “premarital agreement.”
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Children who experience a divorce in their family can be affected in many ways, some of which are negative and long-term, which is why protecting them and being a supportive parent throughout the process is as important as ever. When working with an attorney regarding child custody, be sure to stress the importance of protecting your children during your complex divorce or custody litigation.
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Divorces and the economic aspects relating to divorces are complicated and involve many issues that need to be taken into consideration. When one or both of the parties is a high net worth individual, the divorce is taken to a whole other level. Because there are significant personal and/or business assets at stake, the divorce proceedings have their own set of unique challenges. High net worth divorces must be planned for and approached in a manner befitting the unique issues that need to be addressed.
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