Not all divorces are the same. Some are quick and easy, while others are arduous and complicated.
High-asset breaks tend to be more of an entanglement. Knowing what separates them from others prepares the parting individuals for what is to come.
Expense
The stakes are serious when divorces happen between spouses with higher assets. There is always more to divide. Thus, attorneys must pour energy into resolving who gets what and avoiding mistakes. Appraisers may be necessary to assess the value of residences and vehicles. Dividing investments might call for the aid of financial professionals.
Time
Divorce proceedings involving great wealth usually take longer. Those going through one must remain as patient as possible. Frustration with the pace could result in unwise decisions that have unforeseen consequences.
Taxes
Ending a marriage has tax implications. Each party has to pay the government a percentage of their marital assets. There are strategies for mitigating these costs. To take advantage of these tactics, spouses must still be in communication. A divorce mediator can assist with this need.
Property
Who keeps the marital home is often a point of contention. When divorcing couples are wealthy, this is especially true. An accurate valuation of the house is necessary for a fair split.
Mediation
Settling divorces outside the courtroom keeps financial details from entering the public record. For this reason, individuals with high net worth usually prefer this path.
Divorces between wealthy spouses are unlike most. Each participant must understand the complexities of completing a total dissolution of marriage.