5 Issues You May Need to Address in a High Net Worth Divorce

 Posted on December 09, 2022 in Family Law

Getting a divorce can be an emotionally and financially taxing process. If you and your spouse have a high net worth, the process can become even more complicated. In these situations, there are a variety of financial issues that will need to be addressed, and these issues are likely to be more complex than for couples with fewer assets. Because of the unique factors involved in a divorce involving large incomes or valuable assets, it is important to work with an attorney who understands the applicable laws and the best strategies for helping you achieve your goals. Here are five issues you may need to address if you are getting divorced and have significant assets:

1. Division of Valuable Assets 

The division of marital property is one of the most important parts of any divorce, but this process can become complex if you own high-value assets. These may not only include tangible assets like real estate, vehicles, jewelry, or artwork, but also intangible assets such as retirement savings, investments, or intellectual property. A lawyer experienced in divorce cases involving high-net-worth couples will understand how to properly value each asset and make sure that you will have the financial resources to meet your needs going forward. 

2. Business Valuation 

If either you or your spouse is a business owner, or if you have invested in multiple businesses, it is essential to determine the full monetary value of these business interests. Your attorney can help you work with business valuation experts to ensure that all relevant factors are taken into consideration and that you understand the present and future value of a business. This will not only ensure that marital assets can be divided properly between you and your spouse, but it can help ensure that you will be able to continue owning a business and generating income after your divorce has been finalized, if that is what you desire. 

3. Hidden Assets 

In divorces involving high net worth individuals, spouses may attempt to conceal assets from each other. A person may do so in an attempt to avoid sharing certain assets, or they may seek to reduce the amount of support payments they would be required to pay to their ex-spouse. An experienced attorney can help investigate any potential hidden assets, looking for issues such as valuables that have been concealed in safe deposit boxes or other hiding places, money or items that have been transferred to others to hold until a later date, unreported cryptocurrency or other digital assets, or attempts to misreport the value of business interests. This will ensure that all of the property you and your spouse own will be included in the asset division process. 

4. Spousal Support

Spousal maintenance (also known as alimony) may be a factor in your divorce if the income earned by one spouse is significantly higher than that earned by the other party. In these cases, the lower-earning spouse may request ongoing support to ensure that they will be able to maintain the same standard of living after the divorce as the two of you enjoyed while you were married. Whether you are seeking spousal support or being asked to pay support to your spouse, an attorney can help you ensure that all applicable factors are considered, including the length of your marriage and the age, health, and earning capacity of both parties.

5. Prenuptial & Postnuptial Agreements

In many cases, couples who have a high net worth will enter into a prenuptial agreement before getting married, or they may create a postnuptial agreement at any point during their marriage. These agreements may lay out the spouses' respective rights regarding property and finances in the event of divorce. If you have a prenuptial or postnuptial agreement in place, you will usually be required to follow its terms during your divorce. A skilled lawyer can help you understand your rights and obligations or address any issues related to the enforcement of your agreement.

Contact Our Waukesha County High Net Worth Divorce Attorneys

At Bucher, Wolff & Sonderhouse, LLP, we can provide sound legal advice on how to address the unique issues that may arise in a high net worth divorce. We will provide you with strong, effective representation throughout the divorce process, ensuring that your financial interests will be protected in the decisions made about issues such as property division and financial support. To arrange a free consultation, contact our Oconomowoc high asset divorce lawyers at 262-232-6699.

Sources:

https://smartasset.com/financial-advisor/high-net-worth-divorce

https://www.forbes.com/sites/heatherlocus/2019/01/10/what-jeff-and-mackenzie-bezos-and-all-high-net-worth-couples-need-to-do-to-avoid-a-messy-divorce/?sh=7b055b2d71bb