high asset divorce

The Complications Of A High Net Worth Divorce

High Net Worth Divorce Attorney

It can be helpful to have a checklist of sorts when it comes to high-net-worth divorces. Though a divorce is still a divorce regardless of being high-net-worth, there is often more on the line and the amount of money can make the emotions in a divorce case feel even bigger. If you are about to embark on a high-net-worth divorce, one of the most important things you can do for yourself is get the help of an attorney. A seasoned attorney with experience with high-net-worth divorce cases will know what to do when issues arise and the general direction the case should take. Given how much is on the line, working with an attorney is one of the best things you can do to protect yourself. 

How do high-net-worth divorce cases get complicated? 

These kinds of divorces can become complicated quickly because of how much is on the line. It can take longer and be trickier because: 

  • You will have more assets to identify and value
  • You will need to identify if assets are separate or marital
  • You will need to determine whether there is another party who may be involved in the assets or may share the responsibility for the assets

Assets May Be In More Than One Place

Especially for wealthier couples, it may be more challenging to track down assets and split them up because the assets may be in different states or even countries. As a Tampa, FL high net worth divorce attorney from The McKinney Law Group knows, when you have different investments, money, and property in various places, this can make the divorce process longer and more complicated when you need to figure out how to divide everything. Divorcing and splitting up assets relies on the jurisdiction, so when things are spread out, it is crucial to know exactly where everything is and how local law applies. 

Considering Debt

When you’re focusing on all of the assets you do have, it can be easy to try to push aside the debt one spouse has or the debt both parties have. Just because one or both parties in a divorce have a high net worth does not mean there is no debt. Who pays what for debt will depend on whether the debt was brought into a marriage from the start or loans were taken out during the duration of the marriage.

Consider How You Want The Divorce to Impact Your Future 

If the divorce is especially acrimonious, you may be trying to get out as quickly as possible and not focusing on what is fair. However, you need to consider what will set you up for the most success and what will take care of your children if you have them. You will need to understand how taxes will work with your divorce and what the long-term value of your assets is. When you are ready to embark on your divorce and you or your spouse has a high net worth, don’t hesitate to reach out to a lawyer who will fight by your side during this process. Schedule a consultation with your lawyer today.