High net worth divorces can be complex. They can involve complicated calculations to determine income for support purposes and dividing assets and debts. A good high net worth divorce lawyers will have the experience necessary to handle such cases. They can help you reach the best possible outcome in your divorce. To learn more about these high net worth divorces, read on!
Complexity of a high net worth divorce
A high net worth divorce is very complex, and the process can last for months or even years. The main issues that arise during this type of divorce are determining the value of assets, determining spousal support, and determining child custody and support. These issues can make the proceedings extremely lengthy, and there are experts that can be hired to help with the process. Furthermore, some assets are more difficult to divide than others, and they may need to be appraised by an expert before they can be divided. The extent of cooperation between the spouses can also influence how long the divorce takes. If they are willing to communicate openly, the process may be shortened considerably.
The complex nature of a high net worth divorce often requires the hiring of a financial expert to evaluate the marital estate. In addition, a high-net-worth divorce involves a number of other factors, such as children, which can add to the complexity of the case. It is important to seek legal advice from an experienced attorney before making a final decision.
Complexity of calculating income for support purposes
Calculating income for support purposes can be complicated. High-net-worth individuals may have several different sources of income. Some earn a base income, and others may receive yearly bonuses and other forms of compensation. Some may be self employed and receive their income from profits that their business makes. These individuals may also receive income from commissions. All of these sources of income are considered income for child support purposes.
The complexities of high-net-worth divorce cases often require attorneys to consider multiple factors to determine a fair amount of support. For example, children from high-net-worth families may be used to a high-end lifestyle and are not necessarily willing to accept less. As such, child support rulings often support the standard of living of the children before the divorce. Another problem in calculating support is property division. Many high-net-worth couples own different kinds of real estate, including overseas properties. As a result, property division is often a difficult task.
Complexity of dividing assets
High net worth divorces can be highly complex. Many high-net-worth individuals have numerous assets, including a home and investment properties. They may also have assets in another state or out of the country. Identifying these assets and dividing them requires expert care.
Having a skilled divorce attorney is vital when you are facing a high-net-worth divorce. An experienced attorney will know how to navigate the complicated world of high net-worth divorces, including the child-related aspects.
Challenges of dividing debts
A high-net-worth divorce presents unique challenges for the divorcing couple. These issues usually pertain to the division of assets. This type of divorce involves more complex assets, such as real estate and investments. In addition, high-net-worth individuals may have multiple income streams.
High-net-worth couples often own a large amount of art, antiques and collections. It is important to account for these valuable assets early in the divorce.
Forensic accountants are hired to look into financial statements for discrepancies and identify and appraise assets. These experts may also be hired to evaluate business assets. Real estate appraisers are invaluable in high-net-worth divorces because they can accurately determine the value of the marital property. It is best to have separate appraisals for each spouse.