Managing Your High-Net-Worth Divorce
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When a couple decides to end their marriage, the process can be difficult no matter the specific reason or years they’ve been together. However, when high-net-worth couples decide to divorce, they face unique challenges that other couples may not have to experience. Here are some additional issues couples with large assets may run into:
One of the biggest challenges that high-net-worth couples face during a divorce is how to divide their assets equitably. Because these couples typically have more money and property than other couples, it can be difficult to come up with a division that everyone is happy with. In some cases, one spouse may try to hold on to as much of the marital estate as possible while the other spouse may want to split everything evenly.
What Properties are Shared?
When a couple divorces and one or both of them have a high net worth, the stakes are raised significantly. The division of property in these cases can be incredibly complex, as there are usually many assets that need to be appraised and divided fairly.
Some of the most common property that is disputed in high net worth divorces includes:
- Real estate
- Collectibles or art
Another challenge that high-net-worth couples face during a divorce is protecting their privacy. Since these couples often have a lot of wealth, they can be targets for fraud or other types of scams. In order to protect their assets, high-net-worth couples may need to go to court and ask for a protective order.
Finally, high-net-worth couples often have to deal with complex financial issues during their divorce. This can include things like figuring out who will pay the bills and how the couple will split their income and debts. These are all issues that need to be resolved in order for the divorce to be finalized.
A couple's finances will be scrutinized much more carefully in order to determine what is an equitable division of assets. This can be especially difficult if one or both spouses have a considerable amount of money invested in businesses or other properties. In most cases, the spouse who earns the most money will also be required to pay the highest amount of taxes. However, there are often ways to reduce this tax burden.
In most cases, each parent will want to have custody of the children, and this can lead to a lengthy and costly legal battle. It is important to remember that, when it comes to child custody, the best interests of the child always come first. In some cases, one or both spouses may also have to pay significant amounts of money in alimony or child support.
Handling Your Newport Beach High-Net-Worth Divorce
High-net-worth divorces can be difficult, but with the help of an experienced attorney, most couples are able to reach a resolution that works for them.
If you are considering a divorce and you are in a high-net-worth marriage, it is important to consult with an attorney who can help you protect your interests. For all of your divorce and family law needs, our team at Sullivan Law & Associates is here for you. To get started, call our team at (949) 565-2793 or use our convenient online form located here. For more resources, click here.