Divorce can be tricky, especially when there’s a lot of money and assets involved. If you’re facing such a divorce, it’s best to enlist the services of a high asset divorce lawyer. A divorce qualifies in this category if the assets are worth more than a million dollars. These divorces often involve prenuptial agreements.
That’s a pre-marriage agreement outlining how the couple will handle finances during a split. In some cases, couples sign post-nuptial agreements. These come into effect after marriage. Lawyers may argue about the validity of these agreements.
Six factors make a high net worth divorce different from a regular divorce. The first is the amount of money involved. On the other hand, there’s often a pre- or post-nuptial agreement that one or both of you want the court to enforce. Sometimes, one or both of you try to hide money from the other, which can make things complicated.
Finding the stuff you acquired during the marriage is important. Sometimes, forensic accountants help find all the assets. The fourth thing that makes a high net worth divorce different is that the court must determine if there are non-marital assets. These are assets owned by one spouse before the marriage or inherited during the marriage.
These assets are not subject to division by the court in a divorce. The fifth thing is that the court needs to determine the value of the stuff you acquired during the marriage. That can be difficult, especially for things like businesses. Finally, the court needs to split the assets between the spouses in a way that minimizes the amount of taxes they’ll have to pay.
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