Almost all divorce proceedings result in a final divorce decree, ending the marriage. While that is the finality of a divorce proceeding, there is so much more that goes into reaching such conclusion. There is the division of assets and debts, which is known as equitable distribution, custody determinations including parenting plans, support such as child and spousal support, and more.
One significant factor in a divorce is the net worth of the spouses involved. This factor can either make the divorce more straightforward or much more complicated. High net worth divorces may include all of the items listed above, but with a more complex asset division and support. To help someone approaching a high net worth divorce understand how their divorce may differ from a more typical divorce, we listed some of the differences below:
- More Complex Property Division – A high net worth divorce usually has more property and assets making the division of property more complex and drawn out. Assets may include businesses, significant retirements, and substantial real estate holdings.
- Additional Professionals – Some high net worth divorces will require additional experts, such as a forensic accountant. Other professionals may also be involved to address specific issues in a case.
- Business Valuations – When businesses are involved in a divorce, such as with many high net worth divorces, a business valuation will likely be a part of the divorce process.
- Support – If the divorce involves one spouse earning most of the income, spousal support may be an item of interest for the other spouse, which is common in these types of divorces. In addition, there may be a difference in child support when comparing a typical divorce with a high net worth divorce. This is because many high-net-worth families have children in schools that involve additional costs, such as private school, as well as additional expenses for competitive sports and/or training.
- Tax Liabilities – High net worth divorces may involve property transfers, asset liquidation, and other taxable events which also require review and guidance.
- Experienced Attorneys – All spouses approaching a divorce should have knowledgeable attorneys by their side, but in a high net worth divorce, those spouses should ensure that their attorneys are experienced in high net worth divorce cases, such as our high net worth divorce attorneys.
RELATED: Read these unique factors in a high net worth divorce.
While there are many differences between a typical divorce and a divorce involving high net worth, it may be surprising to note that there are multiple divorce processes that can be used for either. Mediation, for example, may not be the first divorce process that comes to mind for high net worth individuals as they may picture their divorce going to court; however, many high net worth divorces benefit from using mediation.
Are you approaching a divorce and need someone to help guide you through the steps to protect yourself and your family’s future? If so, our attorneys who are well-versed in all family law matters can help. Contact us now to set up a consultation however it is most convenient for you—via telephone, video, or in person.
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