If you know you are approaching a divorce, and are in a high net worth marriage, you may feel stuck because of all the assets, investments, businesses, etc. that you manage or take part in. One of the first questions someone might ask you is if you have a prenuptial agreement with your spouse. If the answer is no, and even if you do have a prenuptial agreement, you need to take the right steps forward to make sure you protect your interests during your divorce.
Knowing what is at stake during a high net worth divorce will help you prepare for what is ahead. We have outlined below many of the categories that may need addressed as part of your high net worth divorce:
- Business Interests – High net worth divorces may involve ownership interests in a business or multiple businesses. The valuation and division of business interests must be given substantial considerations as part of the divorce process, and an expert valuation may be necessary.
- Real Estate – This category includes any real property that you or your spouse may have an ownership interest in. Think about your home, vacation home, time shares, rental properties, other real estate or land interests, etc. If you own real estate, one of the steps in your divorce will be to figure out the best way to value, divide, and manage these properties.
- Finances and Investments – A high net worth divorce usually involves an array of finances and investments which can make the divorce process more complicated and drawn out. This category includes retirement accounts, pensions, checking accounts, savings accounts, stocks, bonds, offshore investments, etc. In some cases, forensic experts are involved if one spouse suspects the other to hide some of these items.
- Payments/Debt – Payments and debts include mortgages, lines of credit, credit cards, debts, loans, etc. and can be a burden for a couple who has many of these items to hash out during their divorce – especially if one of the spouses had issues with spending money.
- Personal Property – The items that you own such as household furnishings, artwork, jewelry, furniture, autos and vehicles, etc. are all at stake when it comes to a divorce. Unless stated otherwise in an agreement, your divorce process will need to include the division of these assets.
- Children – The topic of children is one that is the most emotional and stressful in many cases because it can include many things from custody, child support, and parenting time — to college savings, sports/hobbies, and health insurance. Time with your children is something you cannot get back, and in addition, the monetary portion associated with your children during a divorce can be life changing.
Understanding what is at stake during a high net worth divorce is important in addition to seeking the help from an experienced divorce attorney who focuses on high net worth divorce cases. With the right support, you will be able to navigate all the issues that may come up during your divorce which can set you up for a positive future.
Related: Learn more about divorce including tips to resolve a high net worth divorce conflict.
For information about what our experienced attorneys at Wilder Mahood McKinley & Oglesby can do to help you in your high net worth divorce, contact us online or call our office in Pittsburgh, Pennsylvania, at 412-261-4040.