Whether you or your partner is a high-net-worth individual (or both), filing for a divorce where valuable assets are on the line can significantly change the process, particularly if you disagree on distributing said assets. Today, we're looking into the special considerations you may want to take when filing for a high-asset divorce.
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Property Division: A Primary Concern
For most spouses taking part in a high-asset divorce, property division is a key concern, and for good reason. When assets worth hundreds of thousands or millions of dollars are on the line, ensuring that both parties reach a fair arrangement is vital.
If you can, consider hiring one or more third-party financial professionals, such as a forensic accountant, to help you handle the property division aspect of your divorce. An asset valuation specialist could also be exceptionally useful.
During the property division process, someone who can give you an unbiased, educated opinion on how much various assets are worth can help you negotiate with your spouse effectively and ensure you remain set up for short and long-term success post-divorce.
However, spouses in high-asset divorces may also be more likely to hide assets, especially if they think doing so could provide them with a significant financial benefit. A forensic accountant or similar professional can help you uncover hidden assets and make sure you receive a fair outcome in your property division dispute.
Taxes are another key concern for people in high-asset divorces. Will you keep the marital estate and find yourself paying the entirety of the associated property tax (if there is one)? Will you be in a different tax bracket post-divorce? Answering these questions can help you prepare for your future.
Finally, much more property is often considered "marital" - and as such, subject to division - than many people expect. A financial professional can help you get a realistic view of how much property you stand to "lose" in your divorce, enabling you to make a financial plan for your fiscal health once you dissolve your marriage.
Expect Unexpected Expenses
Alimony and child support often play a huge role in high-asset divorces. In both cases, the individual who pays for support is responsible for providing their child or ex with support that enables them to maintain the same quality of life post-divorce as they enjoyed during the marriage.
In cases where children are provided with exceptional possibilities, such as extracurriculars that are expensive or travel opportunities, the support payor may find themself saddled with unexpectedly high support costs. The fact that child support and alimony payments beyond a certain income level are essentially left up to the court's discretion makes it vital for individuals participating in a high-asset divorce to have an experienced attorney used to dealing with such processes at their side.
Navigating a high-asset divorce can be challenging. If you feel uncertain about how to proceed with your own high-asset divorce, you're not alone. You can contact our attorneys online or via phone at (702) 996-6052 to receive help with your high-asset divorce.