Specific Concerns For High Net Worth Divorces
An individual with a high net worth is typically defined as a person with assets totaling or exceeding one million dollars, assets that can be easily exchanged for cash or cash itself. So, when this or a higher level of wealth is within a marriage, if the couple moves forward with a dissolution of the marriage, it is likely a high net worth divorce. These divorces have unique considerations.
It is important you have a Bucks County family attorney on your side when going through the divorce process, whatever your income level. Sometimes, individuals believe there is no need for legal guidance because they have a prenuptial agreement in place. But even with a prenup, a legal professional can help you navigate issues that may not have been part of the conversation when the prenup was signed. Child support and custody, for example.
High Net Worth Divorces and Value Assessment
There are a variety of ways a couple can gather a high net worth. The two people may both have successful careers and have been married for a significant amount of time. In other situations, the wealth was inherited. Whatever the circumstance, the couple’s asset values will need to be determined. This could include one or all of the following:
- Business and partnerships. Businesses and partnership interests can be difficult to attribute a value to, especially if they are not going to be sold through the divorce process. A lawyer can determine what payments and dividends are at stake, now and into the future.
- Real estate. Assessment of a marital home is part of a marriage ending. It is also possible marriages with a high net worth have rental properties, vacation homes, and other real estate assets.
- Retirement resources. There are a range of retirement investments, including pensions, IRAs, 401k plans, and investments that will vest.
- Fine art, expensive jewelry, and other valuables.
It is possible appraisers will need to be brought in to land on the true value of financial holdings, real estate, and personal valuables. Then it can be determined which assets will be sold and which will be held. From there, through negotiation, one or more assets could be secured in lieu of obtaining other assets. For example, you may want to keep your business and are comfortable letting your spouse retain their retirement accounts in exchange.
Alimony and Child Custody
If your spouse has a much higher income than you do, alimony could be awarded. Or, if you are the primary caregiver, child support could be part of a divorce agreement. A Bucks County family attorney has the skills you need to be sure all assets are identified and properly valued.
Are you a high net worth individual who is moving forward with a divorce? It is important you work with a legal professional who has experience in asset division and allocation. The family law attorneys at Kardos, Rickles & Hand help. Our dedicated legal team understands the finer points of family law. There are opportunities to create the life you want. Schedule your consultation today, call 215-968-6602.