Divorce is never something that someone plans on going through. It does happen though, and when there are a high amount of assets that have to be divided between two people and neither of them want to let go of specific things. When this happens, it is very important to reach out to a High Net Worth Divorce Lawyer who is able to provide the help you want and need.
High asset divorce is a bit different from normal divorces because there is a lot more to divide between the parties and sometimes, one person who has supported the other may have to continue to pay alimony payments to the other spouse to help them until they are able to build a life and provide for themselves.
High Assets Mean More Professionals
It is very important that those going through a high asset divorce hire professionals throughout the process. Not only should both parties use lawyers and attorneys, but they have to work with other people to find out more about the assets, business ventures, stocks, investments, properties, and more. If the one spouse thinks the other is hiding valuable assets, then they have to hire someone to look into this, as they need to put this into the amount that needs to be split between the two.
Taxes are always a concern, and many people do not think about them when they are going through a divorce, because it is something that doesn’t usually come up. However, they will and can come up during a high asset divorce.
Taxes can change from time to time, and if you’re not aware of how much you might have to pay in taxes, then it is definitely recommended that you work with a skilled attorney who can help you navigate this area of a divorce.
Along with alimony and separation of the assets, child support is sometimes something that needs to be discussed if you have children together. When this is the case, oftentimes people do not realize the amount they will have to pay for the child. The court systems might actually make a person pay a high amount if they have a high amount of income, or if the other spouse was a stay at home parent. They will have to pay child support, alimony, and sometimes even housing expenses.
Bringing this to court might be something that causes one person to lose out on a decent amount of assets because of what is being proposed and the care of the child, including private school fees and other education-related expenses.
Inherited money or property is something that usually is deemed as separate from the household and not something that is generally split between the two. However, this is something that can become an issue later on if the money or property was included with the money coming in to pay for household bills and other specifics. If it is in a joint bank account, or any other account, this is going to cause a problem and might be deemed something that can be split up between the two.
This is something that is determined during the court hearing by those who are present. The judge may want to view documents on this specific property to determine what is going to be done with it.
These agreements that might have been made before you’re married or even anything that has been signed during this time might come up. If it does, and there are agreements that were made, then these are taken into consideration, as the person agreed to be with the other and usually they agree to not have any of the assets that came with the person. This is mostly true for the highly wealthy who marry someone and have them sign a prenuptial agreement.
These agreements tend to make life and divorce much easier at the end because it states what goes to who, and who is responsible for what at the end of the marriage if it comes to that. There is also something known as post-marital agreements, which in the same sense are the same, but take part after the couple has already been married. They are both legally binding contracts between the parties.
The courts take into account how everyone was living prior to the divorce and find out if this is something that is going to severely change the way things are. This is especially true for those who have children. If it is something that is going to drastically change a lifestyle, then they are going to make it as fair as possible, so the changes are not so drastic, especially for children who have to adjust. This means splitting assets more fairly between the two parties and for the children, including keeping the home that they are currently living in with the parent that is the custodial one.
It is never a good thing to go to a high asset divorce alone. Always have the legal counsel that can walk you through what needs to be done. They can recommend the best plan of action, so you are getting a fair deal out of the split, but also that you are not being taken advantage of. Have someone on your side at all times and feel good about working with them for the divorce.
If you are thinking about getting a divorce, and know that it is going to involve high assets, and it might be a bit of a fight then work with a quality lawyer who can provide the help you need and who specializes in high asset divorces.
The Law Office of Julie R. Glade, RN, JD can provide the necessary help you need. You don’t want to find out more about the divorce later on without the help of someone who is knowledgeable and professional. Her team and her are able to walk you through the process and make sure you get the help you need and the assets you are entitled to. Don’t ever walk away from a divorce empty-handed.
Check out one of our recent blogs here: SERVED WITH DIVORCE PAPERS – HOW CAN AN ATTORNEY HELP?