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Every divorce is unique. This is because every couple and family is unique and has a specific set of needs that have to be addressed during the divorce process. Although high asset divorces have common challenges that set them apart from other divorces, every wealthy couple is unique and must have their needs addressed on a personal level. Even issues that couples of all socioeconomic levels face, such as child support and child custody, may be impacted by a couple’s net worth.
The definition of a high net worth individual can vary, but typically it refers to an individual with $1 million or more in liquid assets. However, the issues that complicate high net worth divorces can be present in divorces between individuals with less money than this – one does not have to “feel” rich to be affected by certain realities.
A few of the specific issues that can arise in high net worth divorces include:
If you are facing one or more of the issues listed above, work with a divorce lawyer who specifically handles high asset divorces. A lawyer like this can give you effective legal advice and provide you with customized representation that protects your rights and your interests.
Sometimes, individuals in high asset marriages attempt to hide assets before they divorce in order to keep them from being divided. Do not do this – it will likely backfire. A few ways individuals attempt to hide assets from their spouses include:
You and your spouse both have the right to the assets accrued during your marriage. If an individual suspects that his or her spouse is hiding assets, he or she may work with a forensic accountant to locate the hidden assets and have them divided by the court.
Another mistake to avoid is waiving any of your rights to your marital estate. Often, one partner is more financially savvy than the other and may use this to prevent the other from claiming all that they have the right to claim. Work with a lawyer who will be your advocate and ensure that your rights are protected.
Work with an Experienced Fort Wayne Divorce Lawyer
A couple with a high net worth should work with a divorce lawyer who has specific experience handling such divorces. Even when the couple agrees to the terms of their divorce, it is important that all relevant issues are considered under the guidance of an experienced attorney. Otherwise, one or both parties can potentially miss out on assets they are entitled to receive from the divorce. To learn more, contact The Bellinger Law Office to set up your initial consultation in our office.
- on October 13, 2020
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