Marriage is just like any other contract. If it ends, you have to dissolve all parts of the contract. If you and your spouse have a lot of wealth, the process of ending your marriage can get complicated. Your divorce could potentially take years to fully settle. The following are some things you need to know if you get a divorce and have a lot of wealth.
The Type of Wealth
One thing to consider is the type of wealth you and your spouse have. Wealth can be liquid assets, property, investments, business interests, and the like. When you divorce, your attorney will have to work with financial advisors and accountants to value and trace the different types of assets you own.
You may also have to work with an appraiser if your wealth consists of high-value property or collections. If you own antique pieces or fine art, an appraiser who is an expert in these areas is necessary to evaluate the items so they can be divided properly.
Dealing with Alimony
Another item to consider is alimony and how it will be decided. While alimony is not an unusual concept in any divorce, it can be more complicated for couples with a lot of money and assets. You will have to work with each other's respective attorneys to determine a fair amount. Consider your assets to see if you can work out an equitable deal. For instance, if you own a business together, one person could take a higher percentage of ownership to help offset the amount of alimony that they will pay.
Privacy Concerns
When high-wealth couples divorce, they are often more easily thrust into the limelight. You need to ensure that you have privacy protections available to keep much of your information confidential. You can work with your attorney to keep as much of the divorce process out of court and therefore not privy to the public. However, typically, once you take your case to court, all the details become a matter of public record for anyone to see.
Dealing with Disputes
When there is a lot of money and many assets at stake, you can face a lot of disputes with your spouse as you go through the divorce process. The longer you take to settle your asset division, the longer it will take to finalize your divorce. You both have to come to a final agreement on all aspects of your division or go to court so a judge can make these determinations for you. Also, the disputes will add to the cost of your divorce.
For more information, contact a divorce attorney.
Share17 June 2019
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