Going through a divorce is never easy, but it can get complicated if you have a high net worth. While the divorce rate for this group may be lower than the general population, the stakes are often much higher.
Here in Atlanta, we have our share of highly-valued individuals who have already gone through a divorce. And according to them, sorting out one for high-net-worth individuals requires proper planning and execution; otherwise, things will get even more complicated.
So, we want to help you understand the process of divorce for high-net-worth individuals with this comprehensive guideline. Let’s get started!
What is Considered a High-Net-Worth Divorce?
Any divorce involving significant high-valued assets is usually considered a high-net-worth divorce.
That means the asset value for such cases exceeds the couple’s regular financial needs or expenses. They have to negotiate and settle on more wealth, including property, investments, trusts, inherited assets, and businesses.
High net-worth divorce in Atlanta is often expanded to include cases where the couple or either one party, husband or wife, has an income of a thousand dollars or more.
So, other than their living expenses, they try to divide the other assets into various other needs. And that’s when it gets complicated.
In addition, this process may get more contentious if there are any children’s custody to carry on.
Your Ultimate Guide to High Net Worth Divorces
There is no one-size-fits-all solution for divorces. Every couple’s situation is unique, and therefore the process and outcome of their divorce will be as well. However, there are some commonalities to keep in mind regarding high-net-worth individuals.
Planning Assets, Children Expenses, Spousal Support
Planning is always a practical approach to a high assets divorce. It will give you more insights into what you should do, how you may do it, and what you can expect so far.
For instance, the most valuable concern in such cases is the asset value. Both parties (husband or wife) don’t want to agree on their terms for wealth division. Especially if they have children, situations tend to get more conflicting.
As a result, consulting an expert lawyer and planning the full asset partition terms, spousal support choices, and child expenses (If you have any children) becomes a must.
Whether you or your spouse or both of you have a combined income of high-net value, you must agree on legal terms when dividing your wealth. And depending upon the state or region you live in; the law terms may vary.
In Atlanta, Georgia, the wealth gets divided upon an equitable distribution. That means there’s no fifty/fifty rule, and a spouse must get what is fair to them.
Likewise, other states within the USA or other countries might have different rules set in case of property divisions for divorce cases.
So, knowing the specific rules set by your region for assets division in cases is key to planning a high assets divorce. It will also establish a better spousal and child financial support norm. thehivelaw.com would be a good place for you source the best high asset lawyers to assist you to learn more and prepare for your divorce proceedings.
When it comes to high-net-worth divorces, the stakes are often much higher than they are for average couples. Not only are there more assets to divide, but a greater disparity between the incomes of the two spouses. And one way to resolve these issues is to hire a forensic accountant.
Forensic accountants are typically different from traditional accountants. They are trained to look for signs of fraud and financial misconduct.
Besides, they may help you uncover hidden assets and unravel complicated financial arrangements. As a result, you get to settle on equitable distribution and protect your interests in the wealth.
Litigation in divorce for high-net-worth individuals can be incredibly complex and expensive. It’s the process of taking your divorce case to court.
This means that you and your spouse will present your respective arguments to a judge, who will then decide on the outcome of your divorce.
While this process can be costly and time-consuming, it may be necessary in cases where there is a significant disparity between what each spouse is asking for in the divorce.
According to some of Atlanta’s high valued divorcees, it’s best not to go with a litigation process unless it’s mandatory.
However, if you think you must get into the process, speaking with experienced high-net-worth divorce lawyers is crucial. They will guide you through and help you protect your interests., such as trusts and business interests.
There are Some Advantages of Prenuptial Agreements
A prenuptial agreement is a contract between spouses before they marry. The agreement typically outlines how the couple will handle their finances and property in the event of a divorce. There are several advantages to having a prenuptial agreement, including:
• It can provide financial security in the event of a divorce.
• It can protect your assets and property.
• It can make divorce proceedings quicker and easier.
• It can allow you to keep your finances separate from your spouse.
• It can provide asset protection from creditors, including a future divorce.
If you have a prenuptial agreement, it will be easier for your attorney to work on your wealth distribution. He will just get the deal and process the distribution policy as written on the contract.So, you can quickly get your fair share of wealth without the litigation process.
The Process for High Net Worth Divorces
If you’re planning on getting a divorce in Atlanta, it’s essential to know how your divorce proceedings will be conducted. Here’s a general concept of the process.
When it comes to asset division, the court will consider several factors. These include the length of the marriage, the standard of living during the marriage, each spouse’s earning capacity, and any financial contributions.
The court will also consider any prenuptial agreements or postnuptial agreements in place. If no such agreements exist, the court will divide the assets fairly but not necessarily equally.
Child custody is another critical issue that will be decided in court. The court will consider the child’s best interests when making a custody decision.
This includes factors such as which parent has the most stable home environment, how both parents will be able to care for the child, which parent has been more involved in the child’s life, and so on.
Deciding on divorce for high-net-worth individuals requires careful consideration. You cannot act impulsively or without thinking through a divorce’s legal ramifications. And so, it’s crucial to consult with an experienced attorney and plan ahead of time.
In this blog post, we have shared a comprehensive guide on the process of high-net-worth divorces. It primarily highlights the importance of such divorces and how they should be planned along the way.
You may follow the guidelines mentioned above and complete your divorce proceedings without much hassle.