Spouses need to have their assets split when divorces occur. This process can be difficult for some when items have sentimental value. It can also be difficult to divide all these assets. When individuals receive a high income that adds up to a high net worth, the process to divide their assets can take longer. Due to the amount or value of the assets, it can take more time to sort through the possessions and have them divided between spouses. When a judge is presented with a high net worth divorce case, they must consider various factors that can affect the division. By considering factors regarding the possessions, the judge will make a decision that they decide to be just. Assets are not divided equally between spouses. Instead, equitable distribution is used. This splits assets in a fair and just manner. These factors include the length of the marriage, age of each spouse, health of each spouse, earning capacity of each spouse, education or job training of each spouse and each spouse’s contribution to marital property.
Before assets can be divided, the discovery process needs to be completed. Discovery is the process of assessing the couple’s finances and net worth. If one spouse’s financial statement does not line up with the other spouse’s statement, then the court may require a forensic accountant to look into the situation even further to create a financial assessment. For some situations like this, one party or both parties can hire forensic accountants to delve into financial statements. If the court finds issues that could possibly interest government agencies, such as the IRS, either party could potentially face legal troubles.
What happens if my spouse attains a high net worth after divorce?
If your former spouse attains a high net worth after your divorce is finalized, there can be a modification made to the agreement. This modification can provide alternative options for the spouse. The spouse with the higher net worth may have to pay more payments. You can take legal action and a judge may decide to alter the conditions of the divorce. This can include alterations to the child support or alimony payments and more. This can be beneficial for spouses as it may provide them with other possessions.
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.