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Divorce is complicated no matter what your situation may be. There are significant emotional stressors that come with this process, and many people have a difficult time as they adjust to their new family dynamic. Even the most amicable divorces involve a bit of stress and anxiety.
When you have a significant amount of assets, this complexity increases. You and your spouse have much more to consider, and it’s easier for things to get complicated. Whether your assets are in real estate, business investments, trusts, stocks, or elsewhere, you should expect a lengthy process as you get divorced.
Fortunately, there are ways to make this process easier for you and your family. Hiring an experienced family law attorney is absolutely essential in the event of a high net worth divorce. It’s extremely easy to be taken advantage of when you have significant assets, so it’s of the utmost importance that you have qualified, experienced legal counsel.
When it comes to family law, no firm in the area knows more than our team at Woody Law Firm, LLC. We have decades of combined experience in the field, which gives you a distinct advantage in the courtroom. No matter what your situation may be, we’ve seen it before and have the tools to fight your case efficiently and effectively. No case is intimidating to our team.
We understand just how much is at stake during a high net worth divorce. This is why you can rely on our team to provide high-quality legal counsel to you during this time. Though we have extensive experience, we always personalize our advice to the individual to ensure you have the best chance of winning your case. We will work to protect your hard-earned assets; you can count on us to work diligently for what is fair and in your favor.
To put it simply, a high net worth divorce involves a marriage dissolution in which the couple has assets with a capital value. This does not simply apply to cash or savings. Assets include property, investments, businesses, luxury items, retirement funds, inheritances, trusts, etc.
These divorces are complicated because the assets still need to be divided fairly between the couple. Unlike couples with modest savings and one property, there are several items to divide in a high net worth divorce. Dividing property is already complicated, but doing it with many different assets is even further involved.
In many cases, high net worth divorces involve a prenuptial agreement. Prenups are common in couples who have significant assets alone and even more wealth together. Though prenups may make some aspects of the divorce easier, they do not cover assets obtained during the marriage. This means that the law must make the distinction between the assets that must remain separate and the assets that need to be divided. This process can take a significant amount of time and effort.
It is unwise to navigate a divorce of any kind on your own. It’s easy to be taken advantage of and lose out on assets that are rightfully yours. With a high net worth divorce, this is especially true. There is a lot at stake, and you may forfeit significant assets if you do not hire legal representation.
There is a lot at stake during your high net worth divorce process. Whether you’ve earned your assets on your own or with the help of your partner, you can easily lose a lot of what you’ve accumulated. Without legal help, you may need to downgrade your lifestyle and let go of things that are important to you.
Some people try to hide assets during a high net worth divorce, which is unwise and illegal. Though they believe that this will allow them to keep their property, it often results in extra penalties when the court inevitably finds out about the asset in question. In many situations, spouses who hide assets end up with less in the divorce settlement.
The best course of action is to fully disclose your assets to the court right away. This gives you the best chance of receiving a proper settlement and a fair portion of your shared assets.
Spousal support, or alimony, can happen in nearly any marriage, but it’s much more common in high net worth divorces. This is because, more often than not, one spouse is a high earner while the other stays home. Even in situations where both spouses work, one usually makes the lion’s share of the income. This means that spousal support will likely be part of your divorce settlement.
Spousal support is a system in which a high-earning spouse pays a lower-earning spouse compensation following a divorce. This compensation is intended to help the latter get back on their feet and establish a new life. Because the low-earning spouse had counted on the income of the other indefinitely, the spousal support makes up for the fact that they no longer have access to that money.
These payments do not last forever, in most cases. Usually, the payments end after a predetermined amount of time. They may also end if the receiving spouse remarries or gets a job that pays comparably to the income of the paying spouse.
It’s important to have an attorney when negotiating spousal support, regardless of whether you’re the paying or receiving spouse. You must ensure the agreement is fair and you aren’t being taken advantage of.
If you and your spouse are considering divorce but have significant assets, it’s important to hire representation from our team at Woody Law Firm, LLC. With our focus on family law, we understand the pressures associated with high net worth divorces. We can help the process to move smoothly and ensure that your assets are fairly divided. We will work diligently in your case and advocate tirelessly for you in court. No firm is better positioned to represent you in this matter.
For more information about how we can benefit your high net worth divorce, please reach out via our website today.