If you are getting divorced, it is normal to want to protect your assets. When it comes to a high net worth divorce, this can be more complicated. For example, the more assets there are, the more there will be to divide. Additionally, some high-net-worth individuals have especially complex assets. Read on to learn more.
What is a high net worth divorce?
A high net worth divorce occurs when the divorcing couple has a combined net worth of over $1 million. Like any other divorce, the couple may have to work through the division of assets, child custody arrangements, alimony payments, and more. However, high net worth divorces often involve complex assets. As a result, other parties may be involved. For example, one party may obtain the help of a forensic accountant.
What assets are considered?
Some of the assets that may be divided in a high net worth divorce include:
- Real estate and property holdings
- Shared businesses
- Business investments
- Retirement accounts
How can I protect my assets?
Again, it is normal to want to protect your assets. However, it is important to do this the right way. Many people attempt to hide their assets to avoid sharing them. This is never a good idea. If someone suspects that you are hiding assets, you will be reported. This can lead to an IRS investigation and serious legal trouble. Some of the best ways to keep your assets safe include:
- Creating a prenuptial agreement
- A prenuptial agreement is an agreement that declares how your assets will be split in the event of divorce or seperation. This can help couples avoid lengthy divorce proceedings. It is important to know that this document must be created before the marriage is official, and must follow certain requirements to be considered valid.
- Creating a postnuptial agreement
- If you did not create a prenuptial agreement before your marriage, you can still create a postnuptial agreement. This is the same agreement, only it is created after the wedding, rather than before.
- Working with an experienced attorney
- One of the most important ways to keep your assets safe is to work with an experienced divorce attorney. The right attorney will fight to protect your assets.
If you have any questions about a high net worth divorce, our firm is here to help.
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Matters of divorce and family law should be navigated with the guidance of an experienced attorney. If you need strong legal representation regarding matters of divorce, family law, and estate law, contact the Law Offices of Susan A. Kassel, P.C. to schedule a consultation today.