Here at The Harr Law Firm, we’re experts at handling high-asset divorce cases. But what exactly does this mean? You might be wondering just how different a high-asset divorce can be from other divorce cases. Of course, many of the same issues must be dealt with in any divorce case—high-asset cases simply have these issues in larger amounts. And, there are a few issues that are unique to high-asset divorces. Keep reading to find out more about the most common issues in these types of divorces are, and how we can help you handle them.
Child Custody and Child Support
Child custody and support are top issues for any divorce involving children, and they often make the negotiation period stretch out for much longer than divorces that don’t involve these issues. But for high-asset divorces, these issues can be especially difficult. Not only are the negotiations over child support amounts more frequently more heated, but there are often other expenses to be considered, including:
There are also additional factors that can influence child custody arrangements, such as if one or both of the parents spends a portion of the year abroad or in a vacation home. While these sorts of factors and expenses can certainly complicate an already complicated situation even further, the end goal of any child custody arrangement should be the same—for the parents to come together and find a solution that has their children’s best interests at heart.
Alimony and Spousal Support
Again, this is a factor discussed in most divorce cases, but in cases where one spouse has a net worth that is significantly higher than the other, the negotiations surrounding spousal support can quickly become heated. It’s important to note that there are several kinds of spousal support and alimony. Some types are temporary and may only last a few months, while others will last several years or for the duration of the individual’s life. However, when determining alimony payments for high-asset divorces, these are the factors that are typically considered:
Ultimately, the judge will attempt to award a support payment amount that will enable both spouses to maintain the same standard of living that they enjoyed while married. In high-asset divorces, this naturally means that payment amounts will be somewhat higher than cases that involve lower income amounts.
Pre- and Postnuptial Agreements
While not exclusive to high-asset divorces either, prenuptial and postnuptial agreements are much more common in marriages where one or both spouses have a high net worth—particularly if one spouse entered the marriage with a significantly higher amount of assets than the other. These agreements protect both spouses and their individual property in the event of a divorce.
Division of Property
Dividing property is a necessary part of any divorce, and it can be quick and easy, or difficult and drawn-out, depending on how much property is involved and how willing the two parties are to negotiate. Most often, high-asset divorces require a great deal more negotiation simply because there is more property to divide. These cases also often involve unique types of property such as secondary homes, businesses, large retirement accounts, valuable art or jewels, stock portfolios, real estate investments, and recreational vehicles such as boats and yachts.
All of these types of property must be assessed, valued, and divided equitably—and each type of property mentioned has its own unique difficulties involved. Business division, in particular, can be incredibly complicated, and it’s important to have an experienced team of legal experts that can help you through this process.
While the foundational issues of a high-asset divorce are the same as any divorce case, they’re significantly more difficult to handle, simply because there is so much more at stake. It’s important that you only entrust your divorce case to someone who is experienced with handling high-asset divorces, so that you can ensure they have the knowledge needed to negotiate on your behalf.
If you’re going through a divorce and have a high net worth, contact us at The Harr Law Firm. We’re professionals with an expertise in high-asset divorces, and we’ll go to work for you. We even have a full team of legal experts, including forensic accountants, who will ensure that every asset is properly accounted for and fairly divided in your divorce. Give us a call to schedule your consultation today.