Every divorce, like every marriage, is unique. Generally, the longer a couple has been married and the more assets they have, the more complicated their divorce will be. This is especially true with high net worth individuals and couples, generally defined as individuals and couples with more than $1 million in liquid assets or those with household incomes above $300,000 per year for the past two years who expect to earn the same amount in coming years. Although every divorce is unique, divorces between couples in this category often face similar issues related to their assets. If you are in this category, be sure to work with a divorce lawyer who has specific experience working with high asset couples.
Issues Present in High Asset Divorces
A high asset divorce may require the division of one or more of the following assets:
- A small business or professional partnership;
- One or more retirement accounts;
- Brokerage accounts;
- Real estate properties;
- Unique and expensive tangible assets like vehicles, jewelry, and art;
- Intellectual property; and
An issue with many of these assets is that their value is not fixed. Stocks and other investments can vary widely in value from month to month and year to year. With this type of asset, the asset’s risk level and potential to change must be considered alongside its current value.
How Do High Asset Divorces Differ from Other Divorces?
Aside from the process of dividing additional assets, high asset divorces can involve other considerations. One of these considerations is the tax implications of each asset after it is distributed among the partners. Another is the lifestyle the couple established during their marriage, which can impact how the court awards spousal and child support. This can also impact decisions about how the parents will contribute to their children’s college expenses.
Discuss your goals for the divorce with your lawyer and your partner before you begin the divorce process. If you are not as financially savvy as your partner, be sure to work with your lawyer to investigate your pool of assets completely to determine if your partner is attempting to hide assets.
Work with an Experienced Rolling Meadows Divorce Lawyer
As part of a high asset couple, you have concerns that individuals in other socioeconomic groups do not have. Make sure your interests and rights are fully represented and supported by working with a divorce lawyer who has experience handling high asset divorces. Contact SAM LAW OFFICE LLC to set up your initial consultation in our office, during which we can look closely at the issues present in your divorce to help you through the property division process.