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High Net Worth Divorce Lawyer
If you’re in the middle of a high net worth divorce, you can expect the process to be long and drawn out unless the both of you can amicably agree on terms.
In the ideal high asset divorce, both parties will sit down and go through mediation.
However, there are times when the process isn’t simple, and one party’s demands are simply too high. In these situations, we advise couples to still sit down with a mediator and try to avoid the Courts as much as possible.
What Is Considered a High Net Worth Divorce?
Your assets dictate whether you’re in a marriage with a high net worth. A general rule of thumb is that you’re in the high net worth classification if you have at least $1 million in liquid assets. Traditionally, the more assets the couple has, the more complex the divorce will be.
A few of the assets that these couples may own include:
- Shares in businesses
- Multiple forms of real estate
- Overseas and international assets
- Stock options and RSUs
- Retirement and brokerage accounts
- Non-traditional assets, like cryptocurrency, patents, copyrights, or NFTs
In a long and drawn-out divorce, a high net worth couple has more to lose.
What Are Some Unique Considerations with High Net Worth Divorces?
Divorce is never easy, but there are many unique considerations that are routinely part of higher net worth divorces. A few of the many concerns are:
- Asset identification. Lower net worth individuals tend to have their assets consolidated into a few accounts. However, it can be challenging to track and identify all assets in high net worth marriages. Tracing of assets may be required.
- Business shares. If one spouse owns shares in a business, this can complicate the divorce, depending on when the company was formed, its structure, and whether the other spouse helped with the business in any capacity.
- Pre- and Post-marital agreements. When more assets are involved, it’s not uncommon for prenuptial and/or postnuptial agreements to be in place.
Of course, there are also major considerations for investments, real estate, taxes, and more.
What Are the Benefits of Mediation?
Unique assets and interests make mediation the ideal choice for high net worth couples seeking a divorce. A few of the many benefits that you can expect through mediation are:
- Expenses. When mediators are able to find an amicable solution for both parties, it keeps more money in the estate, and less money is spent on legal fees.
- Refined division of assets. When Courts are involved in the division of assets, couples have less control over what happens to marital property. Additionally, family heirlooms and other items may need to be divided.
- Embedded taxes. The Court has little legal authority to address tax events that have not yet occurred, but in mediation, you can address basis and tax issues with a lot fewer limitations.
- Faster. The Courts complicate every divorce, and when two parties cannot sit down and hash things out, it can drag the divorce out for years. Mediation works on finding a middle ground that moves the divorce process along faster.
- Communication. If communication breaks down, divorces can become nasty. Communication is an integral part of mediation and will ensure that the final decision in a divorce is amicable.
- Privacy. High net couples often don’t want their business known to the world. When the divorce is finalized in mediation, less information about the couple’s assets is available to the public. If you want to maintain the highest level of privacy, there’s no better option than mediation and a private agreement.
For these reasons, all couples, especially when they have a high net worth, should consider mediation in divorce rather than going in front of the Court.
Finding The Best High Net Worth Divorce Lawyer for You
In all cases, whether you mediate or end up in Court, working with the right lawyer will help make your divorce move along more smoothly. If you’re searching for a lawyer that can help with your high asset divorce, Triangle Smart Divorce can help.
We’ll fight on your behalf to end your marriage amicably. We take a mediation-first approach to help end your marriage on a good note and save you money.
Ideally, you’ll seek representation as early on in the divorce and separation process as possible. Even if you’re not 100% set on divorce but are considering it, consulting with a lawyer can help you circumvent many common issues along the way. We even offer a vision planning service for individuals who just want an idea of what divorce might look like.
Reach out today to speak to a lawyer about your divorce.
