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High Net Worth Couples Face Additional Challenges During Divorce 

Posted on in Divorce

naperville divorce lawyerHigh net worth couples are typically comprised of two partners who are driven, ambitious, and have a strong work ethic. Coupled with careful spending habits and excellent investment practices, these couples can accumulate substantial assets both before and during the years of their marriage. And while this can be a blessing in many ways, when a high-net-worth couple starts thinking about divorce, their asset portfolio may pose more problems than solutions. If you are considering divorce and are wondering what impact this could have on your financial well-being, here are some challenges to be aware of. 

Your Divorce Will Likely Take Longer

High net worth divorces generally take longer to complete because a large asset portfolio requires cautious, thorough handling. Couples must first determine how much of any given property is personal and how much is marital; generally, all property acquired during marriage with marital funds is marital. However, even private assets can be commingled with marital assets, sometimes requiring the need for complex asset tracing and valuation. 

While it may be tempting to forego hiring expensive asset valuators or forensic accountants, taking a slow and steady approach during the initial stages of asset classification is essential to preserving your financial health and ensuring you get a fair financial settlement. 

You May Need to Value One-of-a-Kind Assets

High net worth individuals often have unique interests and hobbies. Collecting items related to these hobbies can be a source of immense satisfaction and can also contribute to a couple’s net worth. These items must be listed on financial affidavits, and a good-faith effort must be made to provide their value. This can take time and require the help of specialists who can assess the value of these items. 

Family businesses may also be a part of a high net worth divorce and these likewise require careful treatment. Spouses and their attorneys will want to carefully evaluate whether any existing prenuptial or postnuptial agreements are enforceable and will have an effect on the asset division process. 

You May Have a Heightened Need for Privacy

High net worth individuals are often involved in the public sphere and will understandably want to keep the details of their divorce as quiet as possible. An attorney with experience in high net worth divorces can take steps to minimize the public details of the divorce and help a couple negotiate their differences out of the public eye. 

Meet with a DuPage County High Net Worth Divorce Attorney

High asset divorces require special considerations and careful treatment from an attorney with experience in handling these kinds of cases. To learn how the Law Office of Ronald L. Hendrix, P.C. would help you manage your divorce, schedule a free consultation with our Plainfield high net worth divorce attorney. Call 630-355-7776 today. 

 

Source: 

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6200000&SeqEnd=8675000

 

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