High-asset divorce cases involve many legal matters unique to individuals with a high net worth. Each party has varied and intricately entwined interests and holdings that must be carefully untangled during a divorce. Those with higher total assets tend to focus on protecting wealth and reducing potential tax penalties. At the Shulman Family Law Group, we have decades of combined experience with the nuanced distinctions of a divorce involving complex assets.
Many divorces are directly affected by finances. A SunTrust Bank survey reported by CNBC reveals that 35% of people cited financial issues as the primary problem with a partner. However, most high-asset divorces deal with things that may not apply to individuals with a more moderate financial worth. Divorcing couples with a high net worth commonly deal with issues like:
- Navigating pre- and post-marital contracts
- Alimony agreements and concessions
- Assessment of business values
- Division of business assets
Other matters concerning hidden assets, stocks, bonds, real estate and tax implications are also significant factors for wealthy individuals.
One of the best ways to protect assets during a divorce is by negotiating pre- or post-nuptial agreements. These documents lay out property and other asset division before the marriage. Many people with a high net worth understand the need for these agreements and are happy to enter into them with their future spouse. Unfortunately, hindsight is 20/20. If neither of these contracts is available, it is best to seek legal assistance as soon as possible to protect assets and minimize tax obligations.
Please see our webpage on high net worth divorce for more information about the challenges unique to high-asset divorce cases.
