3 Ways Divorce Changes With High Net Worth

Divorce is a difficult process, and it only gets more complicated for individuals with higher net worth. There are more financial assets to divide, more issues to potentially contest, and more to gain or lose financially in the separation.

On top of this financial stress, you also have the emotional stress of separating with your spouse, and, if children are involved, determining parenting time. During this trying time, it’s important to have an experienced divorce attorney on your side. The Law Offices of Michael D. Miller Jr. in Chandler are here to help you reach a fair and agreeable settlement in a high net worth divorce case. Continue reading to learn more.

1. High Net Worth Divorce Is More Expensive

During a divorce, community assets are divided in a way that is determined to be fair and equitable by the court. In a high net worth divorce, there are simply more assets to divide, which makes the process more involved.

Before getting a divorce, you’ll need to gather your financial documents. After all, how can you know or plan for what to divide if you don’t know the full extent of your assets? You will also need to identify what is separate property and what is communally owned. Separate property is usually owned prior to the marriage, inherited, or received as a gift. While communal property must be split, separate property is not divided during a divorce.

2. More Likely To Be Long and Contested

Because high net worth individuals are typically in a better financial position to contest a divorce, the divorce may be longer. Again, because there are more assets involved, it may also take longer to evaluate these assets and determine their value. All of this can lead to longer, more drawn-out court battles, and you will need an experienced divorce lawyer at your side to advocate for you.

If there are children involved, the divorce may be even more complex. There may be a need for temporary orders related to spousal support, temporary living arrangement, and other expenses while the divorce is still pending.

3. Often Involve Out-of-State or International Assets

Many individuals involved in high net worth divorce cases have property or businesses in other states and countries. These types of assets and business dealings can also have tax consequences, such as increasing tax liability. Tax considerations get even more complicated when children are involved and dependent decisions must be made. Complex asset issues require the help of an experienced divorce lawyer, like Michael D. Miller Jr., who has experience with high-value asset divorces.

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The Law Offices of Michael D. Miller Jr. - Divorce Lawyer

Michael D. Miller Jr. has nearly 40 years of experience working in family and divorce law, and he has worked extensively on high net worth divorce cases, particularly for professionals in the tech industry. If you are considering filing for divorce and are a high net worth individual, it’s important to talk with a lawyer. When you choose to work with Mr. Miller in Chandler, you are getting help from a family law attorney who will always put your best interests first.