While it’s true that money makes the world go round, it also complicates divorce matters. Divorce, no matter what kind of case yours is, is a difficult process. In a heightened emotional time, couples must split their assets, go over child custody, and hash out alimony. Now, throw in a substantial amount of assets, multiple properties, businesses, and other large financial accounts, and the stakes grow much higher.
High net worth individuals often face unique challenges when it comes to the divorce process, but a great deal of the stress can be mitigated with research and understanding. At The Law Office of Derek S. Ritchie, PLLC, we help our clients navigate the intricacies of high-asset divorces, and we are here to help you with yours.
Why Are High Asset Divorces Different?
High net worth divorces are typically more demanding than traditional divorces because of the income and/or value of the assets belonging to one or more spouses. Essentially, the stakes are much higher. While some people might think of salary alone as a determining factor of net worth, many other types of assets factor into it.
Examples of assets may include:
- Intellectual property (trademarks, patent, copyrights)
- Business you or your spouse own
- Inheritance or trust
- Real estate investments
- Vehicles, boats, or planes
- Retirement accounts
- Art collections
- Stocks, bonds, and investments
- Other intangible assets worth value
- Any other material asset that the couple owns
Understanding the different types of assets and their value is crucial in making sure you come out at the end of the divorce with a favorable outcome.
How to Navigate a High Asset Divorce
Given that high asset divorces are so complicated, small mistakes can turn into costly consequences if the appropriate precautions are not taken. As you navigate this process, keep these tips in mind.
Create a Plan
It’s important to have a plan to help you maintain a clear vision of what you want to accomplish throughout the process. Before filing for divorce, consider the following:
- The impact of the divorce on any children involved, including their potential living situation and custody
- How your lifestyle, finances, assets, and living situation will change
- What you want out of the divorce in terms of goals and assets
- If you wish to manage divorce matters in court, mediation, negotiation, or arbitration
Work With an Experienced Attorney
The next thing you should do is to retain an attorney. With the complexities of a high net worth divorce, it is very easy for details to slip through the cracks if you were to try and handle the divorce yourself, which can be to your detriment and lead to an unfair division of assets.
At The Law Office of Derek S. Ritchie, PLLC, some of the ways our team assists clients is by:
- Distinguishing which assets are marital property and which are separate property
- Accurately identifying and appraising assets
- Dividing up shared interests in a business
- Considering tax liabilities in the division of assets
- Assessing existing prenuptial or postnuptial agreements
- Determining potential alimony payments
- Guiding you through child custody matters
Our experienced attorneys regularly work with forensic accountants, divorce appraisal specialists, and other professionals to correctly find, identify, and assess assets in a high net worth divorce.
Helping You & Your Family Move Forward
When you are anticipating a high asset divorce, it’s essential to have a trusted divorce attorney on your side protecting your rights. At The Law Office of Derek S. Ritchie, PLLC, we understand the emotional and overwhelming process of getting a divorce, which is why we are dedicated to providing sound legal advice to those in need so they can move forward successfully.
If you have questions or concerns regarding your high asset divorce, please do not hesitate to call our attorneys today at (210) 761-4943.