When exchanging vows, it’s always “until death do us apart,” but in reality, a lot can come in between couples leading to divorce. Top on the list is money and financial issues among the leading causes of legal separation.
For the ultra-wealthy, there is a lot more at stake beyond the millions in the bank. Investments, insurance and prime real estate make high asset divorce cases somewhat different since trade-offs and finding common ground are not straightforward.
They are more expensive
Since such divorces involve high net worth assets, you may need to hire appraisers or other financial professionals to determine how much is in question. Of course, that is in addition to legal fees, should you opt to settle things in court.
They may take longer to settle
High net worth divorces tend to take a longer time to settle than those with fewer assets. Again, it boils down to the extra work involved in these divorces, such as property valuation and so on.
There may be tax implications
Property transfer following a divorce can have a tax liability if it is not well structured. For high net worth divorces, this is something that both parties ought to take into consideration in their proceedings. Even if it was an acrimonious break-up, it is important not to act out of jilt or anger — you could end up losing much more than you imagined.
The law is different across states when it comes to property division
It is important to factor in what the law says regarding the division of property between divorcees. Depending on your jurisdiction and other aspects of your divorce, you might end up with more or less than what you expected. All in all, it is essential to ensure you know your legal rights — it might make all the difference!