Many people assume that money is the answer to all of their problems. However, in reality, money can often make life more complicated. This is certainly the case when it comes to divorce. High net worth divorce cases usually involve a greater number of complex issues legally, financially, and personally. If you and your spouse have amassed considerable wealth and you plan to divorce, keep the following considerations in mind.
Valuing and Classifying Property May Be the Hardest Part of the Property Division Process
Deciding who gets what is often one of the most contentious parts of the divorce process. In a high net worth divorce, many couples also run into challenges valuing assets and identifying assets as marital or non-marital. Real estate, investments, business interests, and other complex assets should be professionally valued before spouses begin negotiating a property division settlement. Assets will also need to be classified as marital property belonging to both spouses or non-marital property belonging to only one spouse.
The Consequences of Hiding Assets is Even Greater
The consequences of undisclosed income or assets in a high net worth case are often particularly significant. If you suspect that your spouse is not being truthful about finances, you may want to work with a forensic accountant in addition to your lawyer.
The Divorce Process May Take Longer Than a Typical Divorce
Unfortunately, many high net worth divorce cases take longer to resolve than the average divorce case. Temporary relief orders can help you address child support, spousal maintenance, and child custody concerns during the divorce process.
There May Be Confidentiality Concerns
Spouses engaged in a high net worth divorce are often well-known in their communities. Whether you are a business leader, celebrity, or simply value your privacy, you may have concerns about confidentiality. One option to keep your affairs private is to pursue a resolution through alternative resolution methods like collaborative law instead of litigation. A confidentiality or non-disclosure agreement may also be used to ensure your personal information is kept confidential.
You Need an Attorney Experienced in High Net Worth and Complex Divorce
High net worth divorce involves many unique challenges. It is important to work with a divorce lawyer who has experience successfully meeting those challenges. Choose a divorce lawyer who has represented high net worth spouses in the past and can handle complex divorce issues.
Contact a Wheaton Divorce Lawyer
For dependable legal guidance throughout the high net worth divorce process, contact a DuPage County divorce attorney from MKFM Law. Our team has extensive experience in high net worth divorce issues, including asset appraisal and protection, tax issues, hidden assets, and much more. Call 630-665-7300 for a confidential consultation today.