Every divorce can be complicated due to the emotions and critical procedures involved. However, high-asset ones can be more complex. The divorce process may be similar to other cases, but the technicalities involved make it different.
This guide discusses why high-asset divorces can be complex.
Property division in high-asset divorces can be demanding. You have more assets to categorize and evaluate, which may take time. Thus, being in a hurry should not be an option in this divorce type. You should allow your team to get accurate values of each asset to avoid costly mistakes.
High chance of hidden assets
A significant percentage of hidden assets are in high-asset divorce cases. Couples in this divorce type have a lot to lose. Thus, they may use tricks, such as selling assets when they notice divorce is coming or “gift” enormous amounts of money to loved ones. Further, people in high-asset divorce have the resources to hide assets offshore.
If you are going through this divorce type, you should not hide assets, as you will get into more trouble. Your team should also pay attention to your spouse’s finances to spot usual moves sooner.
Prenuptial and postnuptial agreements may be in place
Another reason why high-asset divorces may be complex is that prenuptial and postnuptial agreements may be in place. The chances are most people in high-net-worth marriages come with wealth. Thus, they may have had a prenuptial agreement to protect their assets and will create another contract when the marriage dissolved for the same purpose.
With these agreements in place, the courts may need to consider other factors to give orders, which can complicate the process.
There is more to gain and more to lose in a high-asset divorce. For this reason, it will help to get legal guidance to protect your interests.