High 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.
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