High Net Worth Divorce
When spouses decide that their marital problems cannot be resolved, they may decide to end their marriage by divorce. The most important issue when contemplating a divorce is the well-being of the children. The next most important issue is how to divide the community assets and property. A divorce always has an economic impact on the couple and their children, and this is especially true when families have significant assets and income and the family is used to maintaining a certain lifestyle. a high net worth divorce almost always reduces the amount of money one or both spouses are used to spending.
High net worth divorce cases can be incredibly complex, and it is often helpful to address financial issues before the filing of a divorce by way of a pre-nuptual or post-nuptual agreement. Absent this, issues of property valuation must be addressed during the divorce process, and this can be burdensome and expensive. This is especially so when one of the parties owns a business or a portion of a partnership.
DIVORCE AND FINANCES
The decision to divorce is hard enough, without having to worry about its financial effects. However, when significant assets are at stake, it would be foolish not to consider the financial ramifications. A high net worth divorce may have significant tax-related consequences to the spouses, and therefore require careful tax planning and restructuring. An experienced divorce attorney can take the appropriate steps to ensure protection of assets during divorce proceedings. This usually requires an in-depth understanding of complex financial instruments, and access to experts such as forensic accountants that can realistically value the assets in question. You must be confident that your attorney has the resources to handle the intricate details of a large estate.
Disagreements over finances and other matters during a contested divorce action may delay the conclusion of the marriage and involve long and expensive litigation. Some of the most difficult matters to settle in a high net worth divorce include spousal maintenance and child support. Providing for children through child support is important for maintaining a lifestyle that is familiar to the children. However, child support is capped out under the present presumptive guidelines. This may not be close to satisfying the cost of private schools, sport camps, club memberships and other activities that the children have involved themselves in while their parents were married. There is no substitute for the peace of mind that comes from knowing that an experienced attorney who understands the financial implications of a high net worth divorce is working for you. Our divorce lawyers can offer competent legal counsel to those who are going through a divorce, no matter the value of the estate. Make an appointment today for a consultation!