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What challenges come with a high-asset divorce?

| Oct 23, 2020 | Divorce |

Divorce is complicated, especially if you and your spouse have significant assets. You may own a home, a vacation property, vehicles, multiple investment accounts, company stock options, high-value collectibles and more. You or your spouse may be a realtor or successful salesperson, who regularly benefits from receiving a commission. Or you could be an executive who receives bonuses based on your company’s performance.

 

When a couple has numerous assets, they face unique challenges in divorce. Some of those include the following:

  1. Your divorce likely will take longer to settle. It will take time to document all your assets and come to an agreement on how to divide them.
  2. Your division of property will be more difficult to complete. If you had a prenuptial agreement, your attorney will have to review it to see if it is still applicable. You and your spouse also will need to account for all your sources of income and investments and establish the value of your properties and high value items. If one of you received an inheritance while you were married, you’ll need to determine if it is separate property or marital property. Finally, if you or your spouse own a business, you may need to split its assets.
  3. Your child support agreement may be challenging to negotiate. The court will evaluate the standard of living your family has enjoyed, and if you are the primary earner, you may need to pay expenses for nannies, private school tuition, college tuition and extracurricular activities.
  4. Your spouse may be eligible for spousal support. If your spouse has been out of the workforce, focusing on raising your children, you may need to pay spousal support. That’s more likely if you have been married a long time, enjoyed a high standard of living and your spouse may need to further their education to get a good job.

If you are facing a complex, high-asset divorce, you want to help the process go as smoothly as possible. Working with an experienced divorce attorney can help you ensure you have properly accounted for all your assets and help you negotiate a fair settlement and child support level with your spouse.