Divorce is a terrible time for everybody involved, especially if there are children from the marriage who are being torn between their two parents. It can be a tricky situation to navigate for both parties, there are so many different things to consider and fix between the two people divorcing that things can be overlooked and fought about.
The stress is constant and never ending, this can be even worse when the stakes are high and expensive.
This for example, could mean high net worth divorce. Money is often one of the biggest hold ups and concerns during any couple that is divorcing, let alone a couple who have very expensive assets between them.
There are many legal hoops and clauses to jump through that often times; divorcing people have no idea how to navigate. Plus, as the stakes are so high that often the couple will be fighting each other every step of the way. This can make divorce ten times harder and also ten times longer.
Divorce can span over years if not handled fairly and openly. High net divorce can get overly complicated at times. Luckily there are now guides out there and on the internet that can help people overcome the struggles of high net worth and the complication of high net worth divorces.
There are some special considerations that are taken into account during high net worth divorce, due to the large amount of assets on the line. One of these special considerations is known as ‘definition of needs’. This is also taken into account for regular divorce as well. The court will asses the needs of both parties involved and try to make sure they are both sufficiently taken care of.
This will make it fair, even if one half of the couple gets more financial stability than the other. The court will always try to meet their needs. In high net worth cases the two people’s needs will be assessed on huge sums of money, which is why you must always take these cases to the professionals who are used to dealing with high net divorce, as they will be able to ascertain the large amount sums of money better than your average divorce lawyer.
Another special consideration that high net worth divorce attorneys take into account is non matrimonial property. The property will obviously need to be looked at more closely in cases like this.
Usually the court will not share the non matrimonial property of one ex spouse to the other, as that property did not belong to that person in the first place. Money is usually not an issue, so unless the other spouse needs the asset for financial stability, usually to provide for the children, if there are any involved in the dissolving marriage.
But that would be a very unusual precedent for most of the high net worth divorce cases as, already mentioned, money is not typically a problem for either party involved in these cases.