High Net Worth Divorces
High net worth divorce very often present a special set of circumstances that must be taken into account. Very often wealthy individuals have business interests or an interest in assets with someone other than their spouse. This presents a challenge in both valuing the asset and distributing it. Very often, the value has to be offset by some other asset as it makes no sense to give a spouse an interest in a business that he or she has no desire to own.
Many high net worth divorces often involve assets which are located out of state or out of the country. How these assets are handles, including determining if the court has jurisdiction over them poses another challenge that is common in high net worth cases.
Income caps for both child support and maintenance are yet another issue that must be considered. Both have caps on what income is required to be used in determining support, but the numbers are different. Moreover, while courts very often place a cap on income that is significantly higher than the mandatory statutory cap, the issue remains how much higher should the court go. Finding similar cases that involve similar incomes helps provide guidance to the court and also protects the individuals in the event an appeal is necessary in case the court orders a figure that is too low or too high.
Tax aspects cannot be ignored either.
Yet another very common issue that occurs in high net worth divorces is hiding income and assets. Knowing where to look for clues of hidden income and assets helps in finding them and helps keep legal fees more manageable too.
Not every high net worth divorce is complicated though. When people are transparent in disclosing their assets and income and act in good faith, the case does not need to be litigated or drawn out.