Divorces can be difficult processes that can also become very complicated. There are many issues that need to be resolved for these cases. These factors can include marital issues, such as child support, child custody arrangements, alimony and the division of assets. When one spouse or even both are determined to have a high net worth, it can complicate the division of assets. These high net worth individuals can have more assets and more debts that accrued due to their high net worth. This process can be more time-consuming due to the greater value or quantity of assets that are in their possession. If couples have a net worth of $1 million or greater, they are considered to be in a high net worth divorce. Whether you are the spouse with the high net worth or not, you should seek legal counsel to determine how much you are entitled to. This can help with the division of assets process. Due to this, it is advisable that each spouse seeks the help of an attorney to ensure they are entitled to the proper amount of assets. With the amount of assets in consideration, the process may be overwhelming. This is when our attorneys can help you make decisions and fight for your wishes. We want to assist you in reaching a desirable outcome.
How do judges divide the assets?
High net worth divorces are handled the same as regular divorces. Judges will use the concept of equitable distribution to consider how assets should be divided after the divorce. At this time, judges may have more options and assets to take into consideration. However, the process is very much the same. They should consider factors like the length of the marriage, age of each spouse, health of each spouse, earning capacity of each spouse, education or job training of each spouse and each spouse’s contribution to marital property. These aspects are very similar to the ones considered during a regular divorce. The added factor is the amount of assets that are present in that couple’s possession.
What happens if my spouse attains a high net worth after our divorce is over?
If your former spouse reaches a high net worth after your divorce process is completed, modifications may be made. You can take legal action and a judge may decide to alter the conditions of the divorce. This can include alterations to the child support or alimony payments and more.
Before taking any sort of legal action, it is important to discuss your legal matter with an experienced attorney. Contact The Radol Law Firm to discuss any divorce and family law matters you may be faced with.