Some divorces, especially if preceded by many years of marriage, involve a large number of assets. In these instances, a divorce is called a high net worth divorce.
Divorce v. High Net Worth Divorce
Just as any other divorce, a high net worth divorce requires the agreement to a settlement. What differs with high net worth divorce is that there is usually much more at stake than couples that have fewer assets. Still, each aspect must be reviewed thoroughly. Things to be considered in any divorce include: Division of assets, division of debts, child custody, child support, and spousal support, otherwise known as “alimony.”
A judge always prefers you try to resolve issues through mediation and compromise. But while it’s always best for a couple to come to resolutions together, if they can’t, a judge will be able to make rulings on the various aspects of a divorce. Usually this will require more time, and as a result more money, but often times, especially when there are a great many assets to be settled, going to court is the only way for a couple to reach an agreement. A lawyer will be able to guide you through the divorce process.
Finding a Lawyer that Handles High Net Worth Divorces
If you are facing a high net worth divorce you should seek the immediate assistance of a lawyer experienced with high net worth divorces. Your chosen attorney will begin the divorce process by reviewing your specific financial situation before they determine the best way to proceed. It’s best that you act quickly in finding an attorney, as you don’t want to risk losing your money due to poor decisions, or by making no decisions. A knowledgeable divorce lawyer will help to get you what you’ve earned, and will also try to make the process as easy as possible.
Source: ProDivorce, How Should I Handle a High Net Worth Divorce? 2014
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