Divorce can be devastating, but cases involving high household income and assets may be more complex. Thus, if your divorce is a high-income one, you should be informed. Of course, the process will be similar to other divorce types, but what it entails may differ.
Here are four factors that may make a high-asset divorce complicated:
1. Conflicts over the property division
Property division can be challenging in all divorces, but this can be more intense with high-asset divorces. Since they have more to gain and possibly lose, most cases always end up being contested. Some couples choose mediation, but others, especially those who believe their soon-to-be ex-spouses have unfair requests, go to court.
2. Purposefully hidden assets
Hiding assets is mostly seen in high-income divorces since parties have the resources to do so. When a spouse does this, and the other knows, they will raise an issue with the court, which can complicate the process.
3. International assets
Many affluent people have investments abroad. In such a case, the court will identify the international assets and determine the best way to divide them This can take time and lead to tax implications.
4. The time factor
High-asset divorces can be lengthy due to different reasons. It may take time to evaluate all assets and categorize them accordingly. Further, each party’s financial data will be evaluated, including their business, stock holdings, real estate investments and so on.
High-income divorces can be difficult. It will be best to get more information about your case to make the right moves.