Things to Consider in a High Net Worth Divorce

high net worth divorce lawyer

High Net Worth Divorce Lawyer

When you and your spouse decide to end your marriage, it is one of the most difficult decisions that you can go through. The divorce process can take a long time, and if you are going through a high net worth divorce, there are significant expenses and other implications involved. To receive the guidance you need, you should turn to a trusted high net worth divorce lawyer like one from Robinson & Hadeed as soon as possible. The best course of action you can take is to make sure that you have strong legal representation so that you are protected. 

Before you move forward with the next stages of the divorce process, there are several things that you should consider. 

Costs Will Be Higher

In a high net worth divorce, assets are a main factor but they are not the only things that are considered. In addition to assets, your taxes and other financial obligations may be impacted.  

There is no way to avoid high costs in a high net worth divorce. Depending on the types of assets you own and how your assets are distributed, you may be paying more in taxes. Because you have many different types of assets, talking to a lawyer alone will likely not be adequate. If you have multiple accounts or stocks for example, your case may be more complex. It is best to speak with various professionals who can advise you in different areas. 

Identify All of Your Assets

You are required to list all of your assets in a dovrce. The assets will be divided as either community or separate property. It is better to have your assets identified and assessed as soon as possible. Not disclosing assets can have further legal and financial consequences. If there is a disagreement between you and your spouse over how assets are valued, then you may need to bring your issue to court and have a judge make a decision. 

Properly Value Assets

A lawyer will assign a value to all of your assets by comparing it to the current value on the market. It can be tricky to determine the right value that an asset should have. Usually a lawyer will turn to a third-party to assess your assets, especially if you have items that fall under a unique category such as antiques or special artwork. The professional will decide how much each asset is worth. If you are not sure how to identify your assets, go to a lawyer for assistance.

If you are going through a divorce, schedule a consultation with a high net worth divorce lawyer such as  Robinson & Hadeed today.