Divorces are often difficult, but a High-Net-Worth Divorce can be especially complex and time-consuming. A high-net-worth divorce generally involves more substantial assets and property than a traditional divorce. Depending on the circumstances of the marriage, as well as the financial situation of the divorcing spouses, the division of property and assets in a high-net-worth divorce can take many months or even years to settle – substantially longer than your typical divorce.
While many people believe that a “high net worth” divorce is simply a matter of dividing a couple’s financial assets, they’re often significantly more complicated. Sometimes high net-worth divorces include complicated or highly-valuable nonfinancial assets such as real estate, family businesses, and even art collections. These assets are difficult to value and require the expertise of a financial, or other type of, professional. The high-net-worth divorce process can often involve extensive negotiation and litigation between the couple’s attorneys and accountants to reach a final settlement.
Time is Money
For a high-net-worth couple going through a divorce, time is money, both figuratively and literally. The longer it takes to reach an agreement on property division and other terms of the divorce, the more it will cost the couple in legal fees and other expenses. One important way to expedite the process of a high-net-worth divorce is to begin the negotiation process as early as possible. Starting the negotiation process early can help both parties come to an agreement on important issues without wasting time. Therefore, it is important for divorcing couples to make as many decisions as possible at the start of the process rather than leaving the details until later in the process when a settlement may be more difficult to reach. Divorcing couples should work with a family law attorney or mediator early on to ensure that they have a clear understanding of all the issues and options that may be applicable to their situation. By working to develop a plan of action and make decisions early in the process, divorcing couples can reduce the time it takes to finalize their divorce.
Child custody issues can take many forms in high-net-worth divorce cases and can significantly impact the overall time and cost of a divorce proceeding. Many child custody arrangements require the use of financial experts and other specialists to evaluate the incomes of the parents and lifestyles of the children to make recommendations regarding the custody arrangement and support that is likely to be in the best interest of the child. When determining the most appropriate custody arrangement for the couple’s children, courts consider many factors, including the age of the child and the parenting ability of each parent, as well as the best interests of the child.
In addition to taking more time to settle than other divorces, high-net-worth divorces also tend to involve a greater number of complex issues that can complicate the divorce process – such as assets that are considerably harder to evaluate. For this reason, it is important for divorcing spouses to work closely with their attorneys to ensure that their legal rights are protected throughout the entire divorce process and that both sides gain a favorable outcome. Divorce & Mediation Law Firm has the experience necessary to handle your high-net-worth divorce. We can provide a seamless divorce process so that you can get back to normal life sooner – and without all of the complications. Get in contact with us today via our website or via phone at 954-388-7836 to schedule your consultation.