Divorce is a complicated process for any couple to endure. However, for couples with a high net worth and a substantial amount of assets on the line, the stakes are high. It is because of this that couples with a high net worth face unique challenges during the divorce process. At Singleton Smith Law Offices, Inc., we help our clients navigate all aspects of their high-asset divorces with the professionalism, knowledge, and experience they deserve.
How Are High Net Worth Divorces Different?
A high-net-worth divorce is often more demanding and time-consuming than a traditional divorce due to the amount of assets involved. While you may think of income as the sole factor that determines an individual’s net worth, there are many other types of assets that are also included. These assets may include but are not limited to the following:
- Businesses (could be owned by you, your spouse, or both of you)
- Intellectual property (trademarks, patents, and copyrights)
- Real estate investments (including rental properties, commercial properties, Airbnb properties, etc.)
- Inheritance and trusts
- Vacation home
- Expensive cars, boats, and planes
- Art collections
- Retirement accounts
- Stocks, bonds, and investments
- Jewelry
An experienced attorney from our firm can help you understand the value of your assets and help you secure a favorable divorce outcome.
How to Prepare Yourself for a High Asset Divorce
You may have to take additional steps while navigating a high asset divorce, such as hiring a professional to do a business valuation or a real estate agent to determine the value of each of your properties. As you get ready for your divorce, it would be beneficial to keep these suggestions in mind:
Write down a list of all your assets
It is helpful to see a comprehensive list of all your assets, so you have an idea of what your net worth is and what you are and are not willing to divide in the divorce. It will also help you determine if you need to hire any professionals to help you along the way.
Generate a plan
Before filing for divorce, you will want to consider how it will impact your life as well as the life of your spouse and children. You may also want to determine what you are comfortable negotiating with your spouse and how you wish to do so. Are you going to pursue a more amicable form of divorce, such as mediation? Do you anticipate a contested divorce? This will also help you figure out what kind of lawyer you will want to hire.
You will also want to think about your life after divorce and consider how your lifestyle, finances, and living situation will change.
Consult with an experienced attorney who will put your interests first
As a high net worth divorce can get complicated, it would behoove you to consult with an experienced divorce attorney who can guide you through the process while protecting your interests every step of the way. A lawyer can also assist you with the following:
- Determine which assets are considered marital property and which are separate property
- Assist you with the generation of a premarital agreement
- Identify and appraise assets
- Divide shared interests in a business
- Figure out spousal support
- Help you with child custody matters
Dedicated to You and Your Family’s Success
At Singleton Smith Law Offices, Inc., we understand how difficult it can be to go through the process of getting a divorce, especially if there is a significant amount of assets to divide. As high net worth divorce cases can quickly become contentious, it is advisable to speak with a seasoned attorney. We are dedicated to ensuring our clients have the support and legal advice they need to secure a favorable divorce outcome.
If you have questions or concerns regarding your high asset divorce, schedule a consultation with our office online or by calling (951) 779-1610.