Very few divorce cases are straightforward, but high-asset divorces can be additionally complex. A high-asset divorce generally involves assets that amount to several hundred thousand dollars or more.
What makes high-asset divorces more complicated?
Obtaining accurate valuations
As stated, high-asset divorces involve valuable assets such as real estate, art, collectibles and even digital assets. To engage in constructive divorce negotiations, these assets will need to be accurately valued. This can take time and it may take more than one opinion from different appraisers. Obtaining an accurate valuation of assets means that high-asset divorces can go on for several months and even years.
Dividing businesses
High-net-worth couples often run their own businesses. They may even have a stake in multiple businesses. Unless a prenuptial agreement states that each business is to be divided separately, the companies will need to be a part of the property division process. This means that not only the value of each business will need to be assessed, but the income received by each spouse as well as their overall contributions to the businesses. How the businesses will continue to be run post-divorce will also need to be considered.
Crossing state boundaries
Another complex aspect of high-asset divorce is that properties and businesses may cross state boundaries. Each spouse may even own property in other countries. Having to examine property across state or national boundaries can be logistically challenging for the court, and it takes time.
As you navigate a high-asset divorce, it will be in your best interest to seek as much legal information as possible.
