For wealthier couples, divorce is more than just dividing houses, cars and businesses. They often have other owned assets that complicate divorce. This makes high-asset divorces much harder to handle. There’s a bigger chance of mistakes, more money involved in support decisions and more worries about unfair financial dealings. Here’s a closer look at these key issues.
Complex asset division
High-asset divorces differ from standard divorces in several important ways. First, they involve more complex asset division. When wealthy couples divorce, they often have to divide a lot of valuable assets. These can include:
- Luxury homes
- High-end vehicles
- Businesses
- Various investments
Because these things are so valuable, there’s almost always a need for specialized experts to determine their true worth.
Alimony and support calculations
Another big difference lies in alimony and support calculations. Standard divorces typically use straightforward formulas to determine spousal support. However, high-asset cases can involve larger alimony awards. Special trusts or long-term payment plans might be necessary to manage these large amounts of money.
Hidden asset concerns
Lastly, there are often concerns about hidden assets in high-asset divorces. Some wealthy people might try to hide money or valuable items during a divorce. They might do this for various reasons, such as avoiding a fair division of property or paying less in support obligations.
If spouses find out that their spouse is trying to hide assets, they should consider consulting with attorneys who know how to uncover hidden assets. These lawyers might use forensic accountants to track down all the money and property.
Protecting interests during a high-asset divorce
Many affluent couples find divorce extra challenging to go through. Some of these problems might be because of prenups or postnups. Others might be because of the sheer complexity of their financial status or owned businesses. As mentioned, it may be beneficial to seek help from lawyers who know how to handle these complicated divorces.