When a couple is getting a divorce and has a net worth of over $1 million, things become a little more complex. The general divorce proceedings are relatively the same as they would be in any other divorce that isn’t high net worth. There are still the same components that need to be taken care of including division of assets, child custody, child support, and spousal maintenance.
The complications of a high net worth divorce come when it is time to go through the equitable distribution process. The more assets a couple has, the more complex the division of assets will be. This is further complicated when the couple argues every step of the way. However, if there was a pre-nuptial or a post-nuptial agreement signed, it makes the process a little easier because mostly everything was determined beforehand which allows the process to be expedited.
It is necessary for each spouse in the divorce to come up with a statement of net worth that details all of their incomes, assets, liabilities, and other expenses. It is essential that each spouse fills out a statement of net worth as truthful as possible because if not, the Internal Revenue Service and a forensic accountant may become involved which can result in further legal trouble.
If you and your spouse are of a high net worth and are considering a divorce, it is important to have an attorney who is experienced in handling cases of this caliber.
If you are in need of experienced and dedicated legal counsel, please contact The Penichet Firm today and we will be happy to assist you in all of your family or criminal law matters.