No matter how old you are, going through a divorce can be an incredibly draining experience. For one, it’s not easy to part ways with someone you perceived as a life partner. Additionally, it’s stressful to pick apart belongings and assets you thought you would share for the rest of your life.
But that’s not all. If you and your spouse make for a high net worth couple, the process can become even more daunting. Where normal divorces get settled within a few months, yours can take years to get resolved.
The back and forth between high net worth divorce lawyers is also not a secret. With tricky arguments and complex practices, the process calls for highly experienced attorneys who can represent your case in a compelling way.
But what actually makes the process so complicated? What kind of factors add to its complexity? And why are these arrangements lengthier than typical divorces? To help you find an answer to these questions, here’s an overview of high net worth divorces and their general process.
Identification of Assets Can Take a Long Time
The identification of existing assets is one of the most critical factors in high net worth divorces. It not only helps each party get a fair assessment of their property, but also ensures that the rest of the proceedings can move forward without any unnecessary delays.
It’s crucial that each spouse discloses a full list of their assets in order to steer clear of any foul play. Due to the number and value of assets involved, this particular step takes a longer time for high net worth couples.
Division of Assets is Another Factor
In typical divorce settlements, you or your partner may need to split the property you acquired during the length of your marriage. In some community property jurisdictions, this calls for an equal distribution. But in many cases, a judge may rule for a different ratio that varies upon each spouse’s income and assets.
In high net worth divorces, this factor plays a major part and often requires attorneys to draw up contentious arguments. This is one of those areas that significantly add to the duration of such divorce settlements.
Child Support and Maintenance Also Adds to the Process
Child support typically has limits associated with it. However, in many states, a judge can rule for the child support to be increased if the non-custodial parent has assets and income that are higher than the average individual.
This distinction is often seen in high net worth divorces, where the custodial parent may go after such claims. Due to this particular reason and the arguments that it involves, your divorce settlement may take longer than usual.
A high net worth divorce has more steps and nuances attached to it. But it is not impossible to go through. By having seasoned attorneys at your side, you can ensure to move forward with the process without any additional stress to your life.