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What challenges are present in high-net-worth couples in a divorce?
28 Jan, 2023
Child Custody

What challenges are present in high-net-worth couples in a divorce?

Divorce is always complex and emotionally trying, but it can be even more challenging for couples with high net worth. There is often more at stake in these divorces, leading to increased animosity and a greater likelihood of litigation. If you are going through a high net-worth divorce, it is crucial to be prepared for the following issues:

Asset division: One of the most complex and contentious issues in any divorce, but especially in high net-worth divorces, is asset division. Each side will want to protect their assets and ensure they receive a fair share in the divorce. 

Child custody: Child custody can also be a complicated issue to resolve, especially if there are significant assets at stake. Each parent will want what is best for their child, but they may also have different ideas about what that means. It is essential to come to an agreement that is in the child’s best interests.

Spousal support: Spousal support can also be an issue in high-net-worth divorces. One spouse may be ordered to pay spousal support to the other, depending on factors such as each spouse’s income and earning potential. Spousal support can be a contentious issue, so it is essential to have realistic expectations about what you may or may not receive.

Consequences with taxes: One of the most important things to remember during a divorce is that hiding or transferring assets to another person is a bad idea. Not only does it make it difficult to divide property during the divorce, but it can also have significant tax consequences. For those with substantial assets, it is imperative to be aware of the potential tax implications of hiding or transferring assets. 

Prenuptial agreements: prenuptial agreement, also known as a prenup, is a contract between two people who are about to be married. The purpose of the prenup is to protect each person’s assets in the event of a divorce. Prenups are particularly common among couples in which one person earns a significant income or has substantial assets. 

Contact our experienced family law team today.

If you are going through a high net-worth divorce, you must be prepared for the difficulties you may face. These include asset division, child custody, and spousal support. Divorce proceedings can be complex and emotionally charged, especially when a lot of money is at stake. Working with an experienced divorce attorney can help you navigate these issues and protect your interests.

 At SLG Law, we have your best interests at heart and will fight for your and your family’s best interests. Contact us today for a free initial consultation regarding your high-net-worth divorce.

 

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