How does a high net worth divorce work?

How does a high net worth divorce work?

Divorces can become very complicated processes. Not only can they include factors involving children, one spouse may have a high net worth that complicates the process even more. High net worth divorces may be more time-consuming due to the greater value or quantity of assets that the individual may possess. If couples have a net worth of $1 million or greater, they are considered to be involved in a high net worth divorce. Due to this, it is advisable that each spouse seeks the help of an attorney to ensure they are entitled to the proper amount of assets. With the amount of assets in consideration, the process may be overwhelming. This is when our attorneys can help you make decisions and fight for your wishes. We want to assist you in reaching a desirable outcome.

How do judges base their decisions?

When judges are faced with high net worth individuals in divorce proceedings, they must consider a variety of factors. By considering all these factors, the judge will make a decision that they decide to be fair and just. These factors include the length of the marriage, age of each spouse, health of each spouse, earning capacity of each spouse, education or job training of each spouse and each spouse’s contribution to marital property. These aspects are very similar to that of a regular divorce. The added factor is the amount of assets that are present in that couple’s possession.

What is the discovery process?

Discovery is involved in divorce proceedings. It is the process of assessing the couple’s finances and net worth. If one spouse’s financial statement does not line up with the other spouse’s statement, then the court may require a forensic accountant to look into the matter further and make a financial assessment. In some situations, one party or both parties have hired forensic accountants to delve into the financial statements. If the court finds issues that could possibly interest government agencies, such as the IRS, either party could be facing legal troubles.

What happens if my spouse attains a high net worth after our divorce is over?

If your former spouse reaches a high net worth after your divorce process is completed, modifications may be made. You can take legal action and a judge may decide to alter the conditions of the divorce. This can include alterations to the child support or alimony payments and more.

The Law Office of Peter L. Jameson, PLLC is an experienced divorce and family law firm located in New City, NY. It is essential to retain effective legal guidance during such pivotal times in life. Contact our firm today to discuss your legal matter and get the quality legal representation you deserve.