Every divorcing couple must determine the division of property acquired during the marriage. For couples with a high net worth, establishing which assets are considered marital property and how they will be divided can become more involved – and even contentious. The following are some of the unique concerns that come with many high asset divorces:
For many high net worth couples, there is a disparity in the income and earning potential of each spouse. This makes determining alimony a bit more challenging. Spousal support can be effective for several months or years, depending upon the financial situation of the couple involved. It is calculated on a case by case basis, based on the individual circumstances of the couple seeking a divorce.
Like spousal support, child support payments in high asset divorces are likely to be much larger than with the average split. In addition to payments for life’s essentials like food, clothing, and medical care, wealthier couples may have to factor in the costs of private education, extracurricular activities, travel, and other “extras” their children have become accustomed to.
Because many high asset couples’ financial portfolios include significant investments and holdings, Maryland high asset divorce lawyers often enlist the services of a forensic accountant to uncover hidden assets and clarify if property is separate or community property. High asset divorces also have unique tax considerations that benefit from the assistance of a forensic accountant.
High net worth divorces involve complex asset issues. Unlike the average family, these couples likely own multiple pieces of real estate, businesses, and other major assets that are not easily divided. When spouses co-own a company, changing the dynamic of who controls a portion of the business can impact its productivity, value, and future success.
Prenuptial agreements are common among couples of high net worth. However, either spouse may choose to challenge an existing prenup. If they believe their spouse forced them to sign a prenup under duress or lied about or attempted to hide assets, a skilled divorce lawyer may successfully invalidate their agreement.
It is important for every spouse considering divorce to find the divorce lawyer with experience resolving the specific issues they are facing. For high asset couples, that means a Maryland family law lawyer skilled in representing clients with more complex financial concerns.