Divorce is rarely ever an easy situation for anyone involved. For those with a high net worth, the situation can become exponentially more complex, making it even more critical for spouses to hire experienced legal counsel. With such substantial assets at stake, the process can take more time and create some unique challenges for both parties.
Why High Net Worth Divorces Are More Complex
The average couple has a car, retirement assets, and a home. On the other hand, high net worth couples tend to have more varied and complex assets, such as a variety of rental properties, partnership holdings, ownership in a company, and equity options in pre-IPO stock. Moreover, some of these assets may not even be held in the individual’s name, but rather under different companies. Appraising property may be straightforward, but assessing the value of partnership holdings will warrant the assistance of financial experts, which can be incredibly time-consuming.
Additionally, when substantial assets are involved, it can be easy for a spouse to hide cash or other valuables. In some cases, these assets might not even be intentionally hidden. High net worth couples often have such vast assets some items may go unnoticed. However, if a spouse intentionally hides assets, it can result in some serious consequences, including jail time.
Due to the potential complications involved in a high net worth divorce, it is often far more time-consuming and expensive. Evaluating the worth of complex assets, liquidating, and distributing them all will require more effort than the simple sale of a home or other property. If a spouse is attempting to cash out on a partnership, this can take even longer if the other partners refuse to agree on a buyout. A divorce attorney with experience in handling high net worth divorce cases can help ensure the best and fairest results.
Discuss the Details of Your High Net Worth Divorce with Our Attorney Today!
If you are going through a high net worth divorce, the skilled divorce team at Kay Polk, Attorney at Law can guide you through it. Our attorney has been helping clients navigate some of the most difficult family law matters since 2000 and is backed by a history of successful results.
Reach out to our law firm today at (713) 234-6260 to schedule a consultation with our knowledgeable attorney to get started. Your satisfaction is our top priority.