If you and your former spouse are high net worth individuals, you likely share complex assets. Such complex assets may be more difficult to divvy up than simple assets. Overall, a high net worth divorce is more difficult to navigate than a standard divorce. Follow along to find out what issues commonly arise and how a proficient Morristown high net worth divorce attorney at Graves Andrews, LLC can work to shield you from them.
What issues commonly arise in a high net worth divorce?
Understandably, you may not want to easily give up the high-value assets that you worked so hard to earn. This is why property distribution is usually a highly-contested issue in high net worth divorces. That said, you and your former spouse may come across the following issues in your negotiations or otherwise litigation:
- You and your former spouse may need to hire respective teams of accountants, appraisers, and financial advisors to accurately value your assets before property distribution commences.
- You and your former spouse may encounter substantial capital gains taxes from selling off your assets to divide the wealth.
- You and your former spouse may encounter serious tax implications when attempting to split your retirement accounts.
- You and your former spouse may struggle with determining a reasonable level of spousal support that maintains the lifestyle you grew accustomed to.
- You and your former spouse may struggle with splitting your business, buying out a party, or otherwise.
- You and your former spouse may undergo your litigation proceedings while under the public eye if you are both high-profile individuals.
What can I do to best navigate my high net worth divorce?
When it comes to navigating your high net worth divorce, you require a strong support system on your side. This starts with an experienced Morristown divorce attorney. Before all else, an attorney will reference your prenuptial or postnuptial agreement, if you and your spouse established one. They will look out for any clauses that indicate which spouse owns what in the event of a divorce. Discovering clauses such as these will minimize the fight you will have to make for certain high-value assets.
Also within your support system should be a forensic accountant. This is because it is common for assets to be hidden in a high net worth divorce. And even if you trust your former spouse, they may have acted out of desperation and hidden assets that they are afraid to lose in the divorce. Nonetheless, a forensic account may unearth the assets that you are entitled to.
You must take the initiative and reach out to a talented Morristown family law attorney at your earliest possible convenience. Our team at Graves Andrews, LLC will be happy to serve you.
