Divorce can be difficult since there are many decisions to be made. Upon filing for a divorce, there are marital issues that need to be resolved. High net worth individuals may face a longer process for the division of assets. Since high net worth individuals often possess more assets, the division of these can be more time-consuming. These divorces can be impacted by prenuptial agreements, 401(k) plans, defined benefit pension plans, IRAs, restricted stock or stock options, business ownership, professional licenses, involved tax structures and planning, offshore assets, bonuses that do not vest immediately, real estate holdings and widespread investments. By adding up the value of all these assets, it may be able to show the high net worth that the individuals has acquired.
Whether you are the high net worth spouse or your spouse is, you should seek legal counsel. As someone with a high net worth, you want to make sure that your rights are protected since you may have to face an investigation into your assets to disclose your final net worth. If you are the opposing party, you should also have someone working on your behalf to provide a fair outcome. Divorce can be a difficult time. When there are more assets involved, it can prove to be more drawn out. This is why it is important to acquire competent legal counsel.
What factors contribute to the distribution of assets?
In litigation, judges will use equitable distribution to distribute assets between the spouses. Equitable distribution is a concept that distributes assets in a fair and just manner. This does not mean that the assets will be distributed equally between the spouses. The judge will consider many factors when it comes to the division. They will review what is considered to be separate property and what is marital property. The marital property will be allocated to one of the spouses, while the separate property may be considered exempt from the division. The judge will review factors relating to each individual. This can include their age, health, income, length of the marriage and more. Assets need to be divided to decide the outcome for this marital issue.
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.