Each divorce entails a unique set of difficulties that must be overcome before both partners can advance to the future phase in their lives. The vast range of assets, numerous properties, and business shares that must be accounted for and distributed make divorces involving spouses with high net worth much trickier to handle. Couples with more than $1 million in liquid assets present challenges that are not typical among other couples. If you fit this classification and are thinking about getting a divorce, you need to be aware of the following concerns.
High-Net-Worth Divorces Can Take A Long Time
Couples with fewer resources usually finalize their cases more quickly. For those with high net worth, y ou should be expecting a drawn-out legal process to decide which spouse is entitled to what share of wealth and assets. Unfortunately, some people give up on settlement discussions as they become impatient with how long it takes to settle a high net worth divorce. To get trustworthy advice and support, you should work with a lawyer that has experience with situations like these.
Locating Assets Can Be Difficult
High net worth divorces typically call for valuation specialists or appraisers to help locate specific assets so you can calculate the true value of your possessions. During the discovery phase of the divorce process, you could also need a forensic expert to discover any financial irregularities and determine whether your spouse is trying to hide any assets.
Other Financial Consequences Aside from Losing Your Assets
Divorce can have significant tax repercussions in addition to challenging asset division. If you decide to sell the properties and divide the proceeds, you might have to pay additional capital gains tax. To better understand how a divorce may affect your financial obligations, high net worth individuals should speak with an experienced attorney and financial advisor. You can lessen your post-divorce tax burden if you prepare in advance for taxable events and potential disputes.
The Justice Legal Group Team can Help Guide High Net Worth Individuals
The attorneys at Justice Legal Group frequently handle high net worth divorce cases. Reach out to our legal team today so we can discuss your legal concerns and help pursue your unique case goals.
To schedule a case consultation with one of our legal professionals, please give us a call at 505-880-8737 or visit www.JusticeLegalGroup.com to schedule your appointment.