What you need to know about a high net worth divorce
Many successful men and women face the divorce process at some point in their lives. For this reason, issues associated with a high net worth divorce come to the forefront.
When a lot of money and assets are involved in a divorce, things can get messy soon enough. Both parties know that there is a lot to be divided, and they will do whatever it takes to get what they feel they are entitled to.
Alimony, for example, is one of the many financial issues that arise from a high net worth divorce. With this, one party feels that he or she should receive spousal support from the other. While the court may agree, the amount to be paid can also be a sticking point.
Below are three things you should do if a high net worth divorce is inevitable:
— Quickly establish the overall value of all property and assets, paying close attention to the difference between community and separate property.
— Conduct a thorough business valuation, if necessary.
— Devise a plan for minimizing financial risk.
It is never simple to go through the divorce process. This is true regardless of how much money is involved. However, when you add two high net worth individuals to a divorce, additional issues can arise.
There will always be surprises when it comes to the divorce process. Even so, you can be ready for almost anything that comes your way. A high net worth divorce does not have to be messy. To learn more, visit our “Issues of High Net Worth Divorce” webpage.