Every couple is different, and that means every divorce is unique. Couples who have been married for a long time likely have far more assets than a couple who have only been married a short time. The more assets you acquire during your marriage, the more complex your divorce might be. This is especially the case with high net worth individuals, who are generally defined as people and couples who have more than a million dollars in liquid assets, or those who have a household income that exceeds $300,000 a year for the two most recent years, and they also expect to earn the same or more in the coming years.
Couples who fall under the high net worth divorce category tend to have similar divorce processes since many of the issues are the same. When you have a large asset portfolio, you definitely need an experienced Barrington high net worth divorce attorney. These cases are unique, which is why you want an attorney who has the specialized experience.
Couples who have a high net worth may need to work on a division of assets that include:
One of the main issues that makes dividing these assets so difficult is the fact that their value is not fixed. Investments like stocks can fluctuate widely from month to month. This means the assets’ risk levels and potential value changes must be taken into consideration as well as the current value.
Aside from the obvious issues surrounding the number of assets and their difficult valuations, high net worth divorces can also be different from a standard divorce because there are tax implications. The lifestyle that the couple led can also impact how the court looks at factors like alimony and child support.
It is important to discuss your overall goals with your Barrington high net worth divorce attorney before you delve into the divorce process itself. If you are the partner who may not be as financially savvy as your spouse, it is even more important to sit down with a skilled attorney who can look at your asset pool and help look for red flags that your partner may be hiding or liquidating assets in order to keep them from being included as part of the divorce settlement.
If your circumstances and asset portfolio put you in the category of a high net worth divorce, you need to make sure your rights are fully protected. Do not assume that every Barrington divorce attorney has the necessary skills and experience to handle complex divorce issues like this. Contact SAM LAW OFFICE LLC today to set up an initial consultation in our office. We will sit down and go over your asset portfolio and special issues in your divorce to help ensure your rights are protected throughout the divorce process.