Divorce can be hard to weather, especially if you have minor children, a family business, multiple homes and diverse assets.
When you and your spouse have a lot of assets to divide, your divorce can be much more complicated than divorces that involve much less. Learning more can help you prepare.
Factors that set high-asset divorces apart from average ones
In a high-asset divorce, it isn’t uncomoon to have to negotiate the division of such diverse items as:
- Multiple properties: It’s not uncommon for individuals of means to have multiple homes, such as their primary residence, vacation home and undeveloped land, both domestic and abroad. Individuals of means may also own apartment or office buildings in their real estate portfolio.
- Investment options: Individuals of means also often have bonds, stocks, annuities, money market accounts, mutual funds and other investments that they service or trade that may fluctuate in value.
- Varied income streams: Couples in high-asset marriages often have multiple streams of income. The more sources of income, the harder it may be to establish exactly what income should be used in calculations for support.
The above-referenced factors can slow property division discussions and make discussions about child support and spousal maintenance challenging. Properties may need to be evaluated and appraised, and financial records can be complex and bewildering to examine.
Minimizing conflict in your high-asset divorce
Many wealthy spouses have prenuptial or postnuptial agreements that address the division of their most valuable assets. If you have one, this can eliminate some contentious discussions that often ensue about property division in a divorce.
If you don’t, working out the division of your property and other issues without litigation can help you preserve more of your assets and protect your privacy — which may also be a major concern if you’re holding a lot of assets. Learn more about your divorce options today.