As if divorce wasn’t complicated enough with child support, child custody, spousal support, and property division, there are various other factors that can make it even more complex. One of these factors is when the couple has high net worth assets that need to be divided. When a couple has increased assets or high valued property, the property division process during divorce can become contentious. Understanding how this process works can be crucial. This is why it is so important to have a skilled Rancho Cucamonga divorce lawyer on your side who can guide you through the divorce process from start to finish.
What Constitutes a High Net Worth Divorce?
Not many people understand the specific differences between an average divorce and a high net worth divorce. A high net worth can impact numerous areas of your divorce, mostly dealing with the support and property division areas of the process. Before you know how they affect the divorce, you should know what types of assets and property can be involved to make it a high net worth divorce. These include multiple real estate values, increased earning potential, 401(k)s, trusts, wills, businesses, stock options, and more.
One way to make this process simpler is if the couple had a prenuptial or postnuptial agreement in which the details for a potential divorce were laid out beforehand. A pre or postnuptial agreement can allow the parties to come to an agreement regarding support or property division before or after the marriage. There are times, however, when the success of a business or its earning potential increases much more than the couple thought it would. In these cases, what happens to the prenuptial agreement and does that remain the number, or does it increase? These are things you want to discuss with a legal professional.
How Are High Net Worth Divorces Handled?
When it comes to support matters, high net worth assets can impact the amount paid each month due to the additional funds available. For instance, if one spouse is going to be maintaining the family business after the divorce, they may be obligated to pay support to the other spouse. If there are multiple businesses involved, the amount of support may increase as well. Similarly, if one spouse has the potential for increased earnings in the future, this may be taken into account and modifications may become a necessity when it comes to child or spousal support.
Property division is another area of divorce that can become complicated because there is much more to consider. If the spouses own multiple homes, if there are stocks involved, or if they own multiple businesses, these must be divided in a way that is fair and just. However, this may not always be an easy task. In some situations, one spouse may want to split up the property while the other may want to keep it together. These are things that must be figured out before the divorce can be finalized.
Trusted Rancho Cucamonga Divorce Lawyers
When you are facing a divorce, you need to know that you have someone looking out for your best interests. At the end of the day, at Chung & Ignacio, our goal is to protect the rights and best interests of you and your entire family. Our Rancho Cucamonga divorce attorneys know what is at stake in a high net worth divorce, and we work hard to make sure you understand each step of the process. When you choose to work with our firm, you can have peace of mind knowing that we’ll work to help simplify your divorce.
Call us today to discuss your rights with our team.