A divorce can be challenging for anyone to weather. There are many common issues that divorcing couples must sort out, including child custody and support, spousal maintenance and property division.
Some particular aspects of a high-net-worth divorce are unique, though. One of perhaps the biggest delineators between how divorce negotiations for a couple of means and other couples unfolds is when it comes to discussing property division. High-net-worth couples are more likely to own certain assets that can be more challenging to divide in a divorce.
What complex assets require extra attention during high-asset divorce property negotiations?
Many couples of means don’t just have a single marital home, but instead might have vacation properties, both domestic and abroad. These couples may also have a diverse investment portfolio, extensive business interests or offshore bank accounts. The more assets you have, the more time you’ll likely need to inventory them in preparation for property division discussions.
One or both spouses might also have various income streams instead of a single source for each person. How much you make may vary depending on how well your companies do. This can make it challenging to settle in on a certain income that you make and make having conversations about spousal maintenance a subject for conflict.
It’s also likely that you have a prenuptial or postnuptial agreement in place. While this can reduce in-fighting about property division, certain topics like child support that you can’t address in such agreements warrant further negotiations.
In divorces where one or both spouses is a high-profile person, there are also privacy concerns. Your personal and company’s reputation could suffer if any information about the end of your marriage, kids and finances gets out.
Why surrounding yourself with experienced legal advisors matters
One mistake that high-asset individuals often make is letting their spouse know of their intentions to divorce before first consulting with an attorney. Your attorney can provide guidance on steps you may want to take to protect your rights and reputation to avoid causing irreparable harm.