6 Common High Net Worth Divorce Challenges
If you have assets worth more than one million dollars and are contemplating divorce, you may encounter some difficulties during the process of separating from your spouse. The fact that you have a high net worth implies that there is a great deal at stake in your divorce, but you are also likely in a position to employ an expert high-net-worth divorce attorney who has extensive experience guiding high-net-worth persons through the divorce process and protecting their interests.
A high-net-worth divorce attorney in Harris County, Galveston County, Fort Bend County, Montgomery County, Brazoria County, Houston, Sugar Land, Missouri City, Stafford, Texas at Thornton Esquire Law Group, PLLC, aid with skilled divorce law, conflict resolution, child custody, and other legal matters. Whether you are contemplating divorce and have questions on your mind, or you are ready to contact us to get the process started, we are here to help you through the process.
We will do everything in our power to assist you during your divorce. It is common for those with substantial assets to have particular difficulties, which we strive to alleviate as much as possible. The following are the six most prevalent difficulties that high-net-worth persons have during the divorce process.Assets Are Divided Amongst Themselves
High-net-worth spouses frequently have a substantial number of valuable assets that must be shared during a divorce proceeding. These may include real estate such as residences, second homes, and commercial property; businesses and their associated income and debt; investment holdings and numerous retirement accounts; vehicles such as automobiles, boats, or planes; and other assets and liabilities. The split of assets is not as straightforward as simply drawing a line down the middle of the asset pool. Take an inventory of your assets to prepare for the asset division process, and think about what you'd like to walk away with and what you're ready to give up. If you are going through a divorce, an experienced high-net-worth divorce attorney can assist you.Putting Assets up for Sale
Because high net worth individuals frequently have a complicated asset profile, it may take more time to guarantee that the assets at stake are properly valued. This is especially important when one or both spouses owns or is a partner in a company venture together. The greatest thing you can do is engage an expert to value your company so that you know how much it is worth before going through mediation or going to trial. A third-party appraisal can be incredibly beneficial for retirement and investment accounts, stocks, and real estate, among other things. Remember to choose someone who will be willing to testify in court if necessary on the value of the items you are purchasing.Alimony
Couples with significant wealth come in many kinds and sizes. Some couples have amassed significant wealth as a result of both spouses holding careers that generate a substantial income. In other families, one spouse worked outside the home to support the family while the other stayed at home to care for the children. In other cases, inheritance serves as the foundation for a high-net-worth couple's riches. In cases where both spouses are used to a certain way of life yet have contributed in differing ways to the marriage, decisions about spousal maintenance, also known as alimony, can be difficult to make. When determining alimony, the court takes into account a variety of factors, including how each spouse contributed to the upkeep of the household (through income or unpaid childcare, for example), the future earning potential of each spouse, and the resources required for each spouse to maintain a lifestyle that is comparable to their current situation.The Duration of the Divorce Proceedings
Divorces involving high net worth individuals are inherently more problematic because there is more at stake. This intricacy frequently results in longer court hearings as a result of the time it takes to value assets and establish how to divide property among the parties involved. Divorces that are contested or in which the couples are unable to reach an agreement on asset split can prolong the process even further. An experienced high-net-worth divorce attorney in Harris County, Galveston County, Fort Bend County, Montgomery County, Brazoria County, Houston, Sugar Land, Missouri City, Stafford, Texas at Thornton Esquire Law Group, PLLC, understands that mediation and courteous negotiation outside of a courtroom is the most effective ways to speed the divorce process and save time. Mediation and dispute resolution are areas in which we are experts, and we can assist you in reducing the stress associated with your divorce by supporting a peaceful discussion process whenever feasible.Confronting Undiscovered Assets
The term "financial infidelity" refers to an individual's attempt to conceal specific assets in order to maintain them for themselves and avoid an equitable distribution with their spouse. For example, surreptitiously opening a new bank account, making major expenditures without consulting your spouse, or starting a new business are all examples. Hiding financial activities from one's spouse is not recommended, as dishonesty is unlikely to benefit you in the long run.
There are other additional difficulties that individuals participating in high-asset divorce face. Given the intricacy of these issues and the high stakes involved, it is critical that you retain the services of a knowledgeable high-net-worth divorce attorney with experience handling both family law and high-asset disputes.Privacy
It is possible that some high-net-worth couples are afraid of receiving unwelcome exposure or public interest as a result of their divorce decision. A high-net-worth divorce attorney can assist you in preserving your privacy and devising a strategy for minimizing the amount of public attention your divorce receives.
If you're thinking about divorce, the greatest thing you can do is employ an experienced divorce attorney who has extensive experience advocating for high-net-worth individuals like yourself as a client. At Thornton Esquire Law Group, PLLC, passionate experts with decades of combined experience in all areas of divorce and family law, including child custody and visitation. Get all of your inquiries addressed right away - we are waiting to take your phone call.