Divorce is difficult under any circumstances. Kids and money are two things that are certain to make divorce hard. However, high net worth divorce cases are complicated because spouses typically have to share significant assets. More money means more difficulties and, in the old saying.
When preparing to retire, it’s common for people of working age to accumulate a variety of investments and assets. Couples usually have twice as many assets due to the increased amount of their total pensions. Many divorcing couples are taken aback by how difficult and time-consuming the settlement process is.
High-Asset Divorce Issues
A significant financial portfolio, young children who require the custody agreement, or astronomical wealth without a pre-nuptial agreement are the three main issues that can put you on opposing sides of the table with your divorcing spouse during divorce negotiations. Learn more about the most pressing issues involved in high-asset divorces.
1. Child Custody and Support
If children are part of the divorce, the settlement talks can drag on for a long time. Child custody arrangements aren’t always easy, and the process can become more complex when child custody and child support are at stake. Most of the time, even if one spouse doesn’t become the primary parent in the divorce, the spouse with the highest earnings will be accountable for the child support payment.
In divorce cases involving high assets with huge settlements, parents may be able to come to a settlement that would benefit themselves as well as their children. But, it is vital to hire a family attorney in Baton Rouge to ensure the rights of both you and your child in support and custody discussions.
2. Spousal Support or Alimony
The court’s spousal-support ruling must consider the earnings potential of both parties. If one spouse has a considerable net worth and the divorce is finalized. In this scenario, the court may provide substantial spousal support or Alimony, as the spouse’s past earning capacity generally indicates the future earning capacity. Both spouses must have lawyers who can thoroughly review their relationship and present the most convincing argument before the court.
3. Pre-nuptial and Post-nuptial Agreements
High-net-worth divorces typically require the use of pre-nuptial and postnuptial agreements. If both or one of the individuals had significant assets before getting married, it’s standard to create a pre-nuptial or postnuptial agreement to protect them in case of divorce.
You could be able to modify your pre-nuptial or postnuptial agreement with the help of the legal assistance of counsel. An attorney can help draft and implement these agreements, as it’s simple to miss out on the possessions and property to which you’re legally entitled if you don’t have someone watching over your interests.
4. Property Division
In a state of community property where a married couple’s assets, including income, debts, and income, are all considered to be part of the same. It is critical, however, that you seek legal advice to protect “separate property,” or the assets that one spouse had before the marriage. Legal awards and settlements and the proceeds of the sale of separate property can all be considered separate. You can ask help with divorce property division attorney to handle your property.
5. Business and Investments
In the event of divorce, various alternatives are available for splitting up the assets and businesses. If the company or investment were created or acquired during the marriage, mainly through shared funds, the assets would likely be considered joint property and divided evenly. If a company or investment was owned before a marriage or acquired with distinct finances, it could be deemed separate property meaning its assets and funds can be traded.
