Divorce generally requires working through many of the same core legal issues: division of assets, spousal support, child custody, child support, etc. That said, no two divorces are the same. One case could involve spouses with limited assets, financially independent spouses, and no children. Another might be a high-net-worth divorce involving bickering spouses, millions of dollars in marital assets that need to be divided equitably, crucial decisions over what is in the children’s best interest, and additional complexities that threaten everyone’s financial interests.
Nelson Law Group, PC prides itself on being a competent, experienced, and caring advocate for all divorce matters. That includes having the experience and knowledge to deal with high-net-worth divorce and the legalities and high-stakes decisions that go with it.
What Is Considered a High-Net-Worth Divorce?
Generally speaking, a high-net-worth divorce involves couples with a combined net worth of $5 million. That said, it is much more than how much money they have in their banking accounts. These cases can be more intricate than standard divorce cases because they typically present unique challenges that require a deep understanding and careful consideration of complex financial portfolios and the many subtle nuances of high-value asset division, business valuations, and financial settlements in a way that provides a true picture of your financial picture and ensures your divorce settlement is just and equitable.
Examples of high-net-worth divorce considerations can include but are not limited to the following:
Asset Division
High-net-worth divorces often include multiple properties, real estate holdings, luxury assets, high-value vehicles, and substantial investment portfolios. Determining the value of these assets and how they should be divided may also require retaining the services of appraisers, forensic accountants, CPAs, and financial advisors.
Business interests
Ensuring a just settlement in high-net-worth divorces means striking a delicate balance between making crucial decisions about the value of a family business, understanding the extent of each spouse’s involvement, and protecting the company’s integrity and future (dividing it, selling it, or keeping it intact).
Spousal support
Key factors in any divorce include closely evaluating existing income disparities between spouses, the duration of the marriage, and the reasonable needs of a spouse to determine the amount and duration of spousal support. These factors are magnified in a high-net-worth divorce and require expert guidance and negotiation skills.
Tax implications
Working with a divorce lawyer who understands finance can help identify potential tax implications of your proposed resolution and this knowledge is crucial to ensuring your wealth is protected today, tomorrow, and for years to come.
Prenuptial and postnuptial agreements — The purpose of prenuptial and postnuptial agreements in a high-net-worth divorce is to create clearly defined rights and obligations for each spouse and protect high-value assets. That said, these documents are often contested. The goal is to work with high-net-worth clients to ensure these agreements are fair and enforceable when the time comes.
Hiring the Right Legal Team Matters
Whether you anticipate a high-net-worth courtroom battle or would prefer to address everything through mediation and careful planning, we can help. Nelson Law Group, PC prides itself on being a competent, experienced, and caring advocate for all divorce matters. Our team of high-net-worth divorce attorneys is committed to providing highly skilled legal solutions during these difficult times so that you can navigate the legal system confidently and emerge prepared for your new journey ahead.
If you are anticipating a high-net-worth divorce, protect your financial interests, the value of your assets, and your future by contacting Nelson Law Group, PC, to schedule your free initial consultation. Nelson Law Group has more than three decades of experience addressing the legal and financial issues that arise in a high-value asset divorce, and this experience provides you the assurance that your case will be handled so that your divorce is finalized in a way that is equitable and workable in the real world. We are here for you.
Call Nelson Law Group Today!!
Regardless of your family law matter, you need an advisor to guide you through each stage and help you deal with the fears that naturally come with that. We work diligently to achieve a result that ensures you receive what you are entitled to as you move forward onto the next stage of your life. The Nelson Law Group brings two decades of family law experience to every case.
Give our knowledgeable staff at Nelson Law Group, PC, a call if you have any further questions. Our staff is always available. Give us a call today! For more information about Brett A. Nelson, click here.
The post What Constitutes a High-Net-Worth Divorce? appeared first on Nelson Law Group PC.