A divorce is never easy and although each couple will go through similar processes, no two cases are ever the same. This can be especially true for couples who have experienced extraordinary financial success. Spouses who command sizable incomes often have complex financial situations which can complicate issues such as child custody, alimony, and concerns of privacy. Below, we look at several issues which require special consideration for spouses working through a high net worth divorce.
Issues in a high asset divorce can include:
- Business interests: A common situation involves couples with shared interests in a local or family-run business. The accurate evaluation of a company can be complex and often requires the services of a specialist such as a forensic accountant. Financial disclosure and the discovery of assets can include the careful review of tax returns, employee compensation structures, and each spouse’s specific role within the organization.
- Real estate holdings: While spouses will generally have a primary family residence, they may also own vacation homes and condos for their children. A location may carry great sentimental value for one or more spouses and the division of real estate can quickly become convoluted. Additionally, issues of post-divorce residence can be influenced by what is in the best interest of the children. For example, some locations may be more practical for school and work than others.
- Spousal support: Spousal support, or alimony, can come into play when one spouse is financially dependent on the other for maintaining their standard of living. While alimony may not be a factor when both partners earn relatively similar incomes, it can be a central point of discussion when one party earns substantially more than their partner. When determining appropriate compensation, a court may consider factors such as the length of a marriage, the earning potential of each spouse, levels of education, and the overall health of each partner.
- Privacy: It is understandable that divorcing spouses do not want their private family life to be on public display and concerns of privacy can require considerable attention. Spouses are often active members within their communities and information which is revealed during a divorce can irrevocably affect personal and business relationships alike. Securing legal representation with an eye towards discretion can make a considerable difference in the outcome of a divorce.
- Child support: Just as a court will generally base decisions on what is in the best interest of a child, parents too want to see that funds for the continuation of their child’s activities are well established. Parents may need to take into account expenses such as private school tuition, the services of a live-in nanny, and study abroad program fees.
Questions About High-Asset Divorce? Call (855) 939-9111
At Holstrom, Block & Parke, APLC, we understand the social and economic issues specific to high-net worth divorce and can help our clients to overcome the hurdles which lie ahead. If your marriage has begun to break down, contact our firm and put more than two centuries of collective experience in family law to work for you. Speak with our Orange County high asset divorce attorneys today and get your questions answered in an initial free phone consultation.