Every divorce has its own unique challenges, especially on an emotional level. However, high net worth divorces are often substantially more complex due to the types of assets involved. Generally, couples or individuals who have $1 million or more in liquid assets are considered high net worth, but this can vary. Although hiring an attorney is essential in any divorce, it is even more crucial in high net worth cases, so do not hold off on reaching out to an experienced attorney any longer.
Understanding the Unique Issues in a High Net Worth Divorce
One of the biggest challenges in a high net worth divorce is the fact that, with so much money and property involved, it is incredibly easy for a spouse to hide assets. Moreover, high net worth couples often have a variety of assets, including valuable jewelry, art, brokerage accounts, real estate holdings, retirement savings, or businesses, which can make the division significantly complicated. If you have concerns about hidden assets, an attorney with experience in handling such cases will know what to look for and will have access to knowledgeable forensic accountants who can uncover any assets your spouse may have hidden.
Additionally, due to the complexities in a high net worth divorce case, it may require considerably more time than most other types of divorce cases. In fact, it is not uncommon for a high net worth divorce to last several months or years. In the meantime, a judge will likely issue temporary orders related to child custody and spousal support.
Although many spouses tend to view divorce as a win-or-lose battle, it is important to consider the tax consequences in a high net worth divorce. If you fight for and win substantial assets, you may have to pay sizeable taxes on it, so be sure you can handle any of the items you are pursuing. You do not want your fresh start in life to be burdened by financial obligations you cannot fulfill.
Discuss the Details of Your High Net Worth Divorce Case with a Knowledgeable Attorney
If you have substantial assets and plan to get a divorce, you need an experienced family law attorney to represent you and protect your interests. At Barach Law Group LLC, our family law team is backed by more than two decades of legal experience and is committed to helping our clients achieve the best possible results for their case. You can rely on our skill, knowledge, and dedication to get you through this difficult experience.