High net worth divorces can be different from other divorces due to extensive assets and the potentially complicated ownership of those assets. The factors that make a high net worth divorce unique can also make them more difficult to resolve when it comes to determining equitable division, alimony, child support, and other issues such as these.
The Factors that Can Complicate High Net Worth Divorces
Generally speaking, any divorce involving assets valued at or beyond $1 million is considered a high net worth divorce. If a couple’s most significant asset is their home, other assets they own might not be so difficult to address. This is to say that not all high net worth divorces are complicated, but many can be if a variety of significant assets are involved.
These are a few types of significant assets that may contribute to the complexity of a high net worth divorce:
- Business ownership
- Real estate (other than a primary residence)
- Retirement accounts
- Stock options
- Investment portfolios
Other factors that can complicate a high net worth divorce include any prenuptial or postnuptial agreements in place to protect either spouse’s property from consideration. The court will review such agreements to determine their fairness and decide whether or not to honor them; and if so, to what extent.
Outside Experts Are Often Required
Additionally, individuals involved in high net worth divorces may require the services of outside professionals other than their attorneys.
For example, a forensic accountant may be necessary to ascertain an accurate account of the total value of the marital estate, uncover any potentially hidden assets, and address allegations of wasteful dissipation.
Also, appraisers of various types may be needed to determine the value of property such as real estate, art, collectibles, or other things that don’t have an apparent cash value.
Guiding Clients Through High Net Worth Divorce
If you are undergoing a high net worth divorce, you can rely on assistance from Tinny, Meyer & Piccarreto, P.A. Our firm has more than 35 years of combined experience to offer wealthy individuals undergoing potentially complicated property division proceedings.
Learn more about how Tinny, Meyer & Piccarreto, P.A. can help with your high net worth divorce by contacting us today.