There are no set rules that state if you are worth a certain amount, you need to pursue a high-net-worth divorce. Instead of a specific definition, we will outline why these divorces are more complicated than others. Having an attorney who understands how to facilitate and manage challenges during a high-net-worth divorce can pay dividends.
Furthermore, don’t be quick to dismiss this topic because you don’t think you are wealthy enough. Hypothetically, let’s say that any couple that has more than a million in assets should seek out a high-net-worth divorce. Although that number may seem high, it could be relatively easy to attain when you factor in your home, business, and retirement accounts. For instance, homes here in Trenton exceed $1 million.
Why They Are Complex
Again, it is not the amount of money you have that complicates these divorces. It has more to do with where that money is. For example, imagine that you and your spouse own a business together. Even if you were to buy the other spouse out of the company, you must first determine how much it is worth. And what happens when opposing counsel values the business differently?
Attorneys who work with high-net-worth individuals have access to the types of subject matter experts who can determine the value of:
- Businesses
- Investments
- Real Estate
- Art
Those are just a few examples, but they demonstrate why it is crucial to arrive at a value before pursuing equitable distribution. Additionally, an attorney who is experienced with high-net-worth divorces may be able to assist you when there is a dispute regarding separate and marital assets.
For example, imagine that your spouse inherited money from a relative. Typically, this is not a marital asset and will not have to be divided during divorce. However, what happens if that money was used to purchase a marital asset such as a home? Or maybe a portion of that money was deposited into a joint account. You now have a scenario where the account or home could be viewed as separate and community property. There could even be disagreements about whether separate money was used at all.
Csépes Law Offices
Divorce can be complicated, but it becomes even more so when you have a significant amount of assets. Csépes Law Offices is accustomed to handling divorce cases that involve businesses, multiple homes, and asset-protection tools such as trusts. Contact us to schedule a consultation. We will work to create a solution that resolves the issues stemming from your divorce.
Csépes Law Offices
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