No one intends to get divorced. Many factors are considered when faced with the end of a relationship, like child custody and spousal support; things may even get complicated when considering the division of marital assets. But when your marriage is considered high net worth, getting a divorce becomes even more complex.
What is Considered a “High-Asset” Divorce?
A divorce will be considered high asset if the couple has over one million dollars in liquid assets, such as cash, bonds, stocks, real estate, and businesses.
Given a couple’s high net worth, there is likely more at stake, making a high-asset divorce more unique than a traditional divorce. Some factors to consider will be:
- Whether there is a prenuptial agreement in place?
- How eager the parties are to compromise and settle the case at mediation.
- Whether the parties can acknowledge each other’s contributions to the marital estate during marriage?
- Whether either party has claims to separate or premarital property.
The answer to these questions will significantly impact the route one takes when filing for divorce that involves a substantial marital estate.
Mistakes to Avoid When in a High-Asset Divorce:
1) Don’t Panic.
Whether or not you had a prenuptial agreement will help determine your route for the divorce process. A qualified family law attorney may assist you with making that decision. With the help of an attorney, you can rest assured that they will help guide you during this trying experience.
2) Do not Move, Liquidate, or Fail to Disclose any Potential Assets.
Making large purchases, cashing out stocks, or moving finances is prohibited during the pendency of a divorce action and can be accompanied by severe consequences. Failing to disclose assets can also lead to serious penalties. Be sure you work closely with your family law attorney to ensure all assets are disclosed.
3) Be Willing to Negotiate.
Getting divorced is an emotional process and heightens uncomfortable feelings. However, do not let a sense of entitlement drive you during your divorce. Going into a divorce, being willing to negotiate with your spouse, while simultaneously identifying your ideal outcome is critical to reaching an agreement.
4) Remember, You do not Have to do This Alone.
Going through a divorce is difficult and can be mentally, physically, and emotionally draining. Adding in a high net worth can make it even harder. Remember, you do not need to go through this alone. Seek a trusted attorney to guide and support you through this next chapter in your life.
Following the steps above will be well worth your time. You will be much better positioned to face the storm of high net-worth divorce. If you have further questions, contact our family law professionals at (801)322-2516.