Divorce is never an easy experience and, when spouses have substantial assets, it can further complicate matters and incur additional costs. Therefore, if you are going through a high net worth divorce, it is imperative to hire an attorney to assist you throughout the process and protect your interests. Continue reading to learn more about the potential obstacles you may face when enduring this process.
Common Obstacles in a High Net Worth Divorce
Due to the number of assets involved, high net worth divorces often come with several unique complications that others generally do not experience. While it is certainly an emotional experience, regardless of net worth, this time of divorce commonly takes more time, which also means it is typically more expensive. Distinguishing the difference between marital and separate property is a major obstacle for spouses with substantial assets, especially when they may have been commingled.
For example, if a spouse purchased a home before their trip down the aisle, but the other spouse contributed funds to property taxes or upgrading the home, it will no longer be entirely separate property. Your respective legal teams must comb through all of your financial records to ensure none of your separate property lands on the chopping block.
Moreover, many of these cases involve international assets if one or both spouses do business in other countries. If this applies to your situation, you will need to consult with an attorney who has experience in handling complex international assets.
Any divorce, whether they involve substantial assets or not, can become incredibly contentious. However, in a high net worth divorce, a lot is at stake. Consider reaching out to a valuation expert as soon as possible, so you can accurately assess the value of your assets. Such an expert can also point out any assets that you might have left out in your own valuation of the marital estate. Remember, overlooking any of these details will cost you when the time comes to finalize your divorce.
Discuss Your High Net Worth Divorce Case with an Experienced Family Law Attorney
If you have a significant number of complex assets and wish to end your marriage, you will need a skilled high net worth divorce attorney on your side to help you protect your assets. At Smith Law Offices, LLC, our family law team is backed by more than three decades of combined legal experience and is committed to providing exceptional representation and guidance.
Reach out to our law office today at (636) 400-1177 to set up an initial consultation with a knowledgeable member of our team.