What is a high-asset divorce?
Generally, a high asset or high net worth divorce means exactly that: one or both parties have a net worth over a certain threshold. The exact figure varies with opinion, but for us, it is one million dollars ($1,000,000.00). This figure can consist of the total worth of several different things: cash, investments, property, businesses, or other assets.
What are typical complexities?
High tensions:
Divorce, in general, is an emotional and vulnerable process; now add a minimum of one million dollars in assets needing to be divided—this can make the journey much more difficult to navigate. With high asset divorce involving a high monetary threshold, the tensions of the parties involved typically run high. This can lead to misunderstandings, as well as create difficulty with communication between the parties. If you’re going through a high-asset divorce, consult your attorney on conducting yourself and remaining as civil as possible. Civil composure can ensure each party obtains a fair settlement by the least restrictive means.
Long Proceedings:
With the amount of assets and their worth, it can become very difficult to determine a fair and equitable distribution within a short time frame. High-asset divorces typically take longer due to the sheer amount and complexity of the assets needing to be divided.
Possible Lack of Privacy:
While this isn’t the case for all high-asset divorces, many people with assets meeting the minimum threshold live in the public eye. Therefore, their divorce becomes public knowledge, and privacy may become difficult to obtain. However, there are ways both parties can recover their privacy such as considering mediation or other alternative dispute resolution methods.
Need for Experts:
High-asset divorces may require the parties to consult with an expert. These experts can give insight and advice regarding their assets and the future of them. Want to know what type of experts you may encounter in a high asset divorce?
If you have questions about a high asset divorce or any other legal matter, schedule a confidential consultation with one of our attorneys by clicking here or calling us at 210-368-9708.