Divorce is never a simple process. A divorce can be both overwhelming and complicated at times, especially for couples with a high net worth. This is due to the amount of assets, businesses, properties, and other financial accounts that increase the stakes. High net worth individuals face unique challenges; however, with the support and knowledge of an experienced lawyer, a high net worth divorce can be successfully navigated. At the Neshanian Law Firm, Inc., we can help you address the issues that arise in a high-asset divorce and guide you through the process to secure a favorable outcome.
How Are High Asset Divorce Different?
Typically, a high net worth divorce is more intricate and complicated due to the value of assets involved. These assets include everything from a salary to personal investments. After all, an individual's net worth includes much more than their salary. In a high net worth divorce, the following assets will also need to be divided:
- Intellectual property (trademarks, patent, copyrights)
- Business
- Inheritances
- Trusts
- Real estate investments
- Vehicles, boats, or planes
- Retirement accounts
- Art collections
- Jewelry
- Stocks, bonds, mutual funds, and investments
- Vacation homes
It is important to understand what each asset is worth and how to best divide these assets to ensure both parties feel that they come out of the divorce with a mutually beneficial agreement.
A high asset divorce may also require the services of additional professionals such as business appraisers, real estate agents, forensic accountants, and financial advisors. As such, a high net worth divorce, can become more expensive.
Prepare for Out-Of-State or International Assets
High net-worth Individuals are more likely to have assets in other states or countries. Foreign assets require more attention and the care of experts who can determine the value of these assets and how to best approach dividing them.
Understand the Differences Between Separate and Community Property
An understanding of which assets are community property and which are separate property would be ideal; however, this is not always easy to determine. You may find that you commingled assets, or mixed up separate assets with community assets. This could happen if you used funds from a bank account you and your spouse share to renovate separate property, such as a house you purchased before marriage.
High net-worth individuals typically need to trace separate assets during a divorce as they can easily get commingled. This means finding appropriate documentation that can define separate and community assets before a divorce to ensure things are not so complicated during the process.
For assistance navigating your divorce, contact our office online or by calling us directly at (949) 577-7935.