We tend to think of high net worth divorces as involving movie stars or athletes. There are many other divorces that would qualify as needing special representation.
In these cases, when a mistake is made, it is on a larger scale. There are usually large amounts of money, businesses, assets, and property to divide. Lawyers who specialize in this type of law will tell you that these cases differ from the average divorce case due to their complexity.
Marital Property Division
All divorce cases involve the division of marital property. But high net worth cases differ because the assets and property in these cases are more varied, substantial, and have complex tax considerations. Most divorces do not involve issues with foreign accounts, vacation properties, family businesses, and stock options. These special cases yes.
Another factor to consider is that couples with significant assets tend to try to hide assets from each other. A skillful specialist will know the tactics of the opposing party. They will also be able to help with the legal protection of their client’s assets, where another attorney would not be able to.
Clients involved in the operation of a business present a challenge to a divorce attorney. Someone who is used to working in this area will have experience dividing assets under these conditions.
debt division
Complex debt problems often accompany complex assets. These should also be divided. While some debts seem to obviously belong to one party or another, it could be argued that they are marital debts. It pays to pay someone with experience to divide the debt along with the assets.
tax implications
This division of assets and debts that we have discussed can have impressive tax implications for either party. The average divorce attorney will not have the experience to deal with these situations.
The process
When you’re getting divorced, and particularly if you’re involved in a high net worth divorce, you need to have an expert on your side. There are many competent attorneys who handle the average divorce every day. Although they are good attorneys, they do not have the experience you need to get a divorce with substantial assets.
Even if emotions and frustrations run high, don’t make the critical mistake of entrusting your divorce case to an attorney who has no experience with high net worth cases. Hire a specialist lawyer and give yourself the advantage you need.