Divorce is quite often complicated, frustrating, and time consuming, but for high net worth divorces, the complications and financial-specific circumstances are multiplied. You and your spouse will need to meet with attorneys who are experienced and qualified to handle high net worth divorce proceedings, while treating your situation with the compassion that a marriage dissolution deserves. Entering the divorce process prepared will help you make educated decisions as well as keep the stress to a minimum.
High net worth divorce is not all about business and assets, there are often additional issues that come along with having disposable income. Marital issues in these cases are not all that different from “regular” marriages, although extra income may make extra-curricular activity more accessible, while work schedules that differ from the usual 9-5 allow for less accountability at home.
Some of the common marital concerns include:
Alcoholism or drug abuse
Differing parenting styles
Limited time together
Differing work schedules and sleep schedules
These issues, combined with complex circumstances of business division, tax considerations, and asset evaluation can make for an intricate and lengthy divorce process. When you are facing a divorce, you will need to examine and consider the following to prepare for the process as well as provide your attorney with adequate information:
Spousal support: If one spouse is a higher earner than the other, then spousal support may be expected. If that is the case, it is typically anticipated that the supported spouse will want to maintain his/her standard of living. In high net worth divorce, spousal support can be in the tens of thousands.
Tax consequences: You will need to take taxes into consideration when you are dividing assets, buying out or selling to your ex, determining spousal support proposals, and dividing assets, as much of what you are awarded will be taxed.
Reviewing assets: If you are worried about hidden assets, consider investigating past account statements to watch for any recent changes, large transfers, or recent drastic business dealings. If this is a true problem, you may even want to hire a private investigator to d the digging for you.
Review of prenuptial agreement: If you had a prenup, review the agreement for considerations, and for how it affects profits and business acquisitions that occurred during your marriage.
Child support guidelines; If your child is involved in expensive hobbies, belongs to exclusive clubs or attends pricey private school, child support agreements will need to take these expenses into account.
Marital property versus separate property: In addition to the provisions in your prenuptial agreement, you will need to review and account for all the assets that accumulated during the marriage and how they will be divided.
Let our team of aggressive, competent divorce attorneys at Cage & Miles, LLP work with you through your high net worth divorce, taking over the legal process so you can focus forward. We understand that the legalities of divorce should not cause more stress in an already difficult situation, so we make it our job to provide superior professional care for each of the clients and cases we handle.