Divorce is a life-altering process for everyone who goes through it. High net-worth divorces have even higher stakes because of the value of the assets involved.
These are some of the things you must consider when going through a high-asset divorce.
1. Hidden assets
Both parties to a divorce must disclose all financial assets. However, sometimes people attempt to hide their assets by opening a new bank account, giving assets to family or friends and other tactics. Forensic accountants can help discover any hidden assets.
2. Child support
Children of parents in a high net worth divorce may have higher standards of living, high tuition costs for education and trusts that cause their expenses to be higher than for typical child support cases. It is a good idea to learn how your state calculates child support before your case goes to trial.
3. Divorce assistance
Because high net worth divorces are often more complex than other divorces, you may need assistance from financial, estate planning and other professionals. These professionals can help you with property valuations, finding hidden assets and other divorce-related tasks.
4. Non-financial asset considerations
Most divorces involve some property that has emotional or sentimental value to one or more parties. In a high net-worth case this property may also be worth a substantial amount of money. This can make dividing assets complicated and contentious. Collaborative divorce options and mediation can sometimes be helpful in these cases.
High-asset divorce cases are often complex and contentious. This makes it important for everyone involved to be aware of the potential issues that could arise.