If you’re unhappy in your marriage, chances are a divorce is what might save what’s left of personal relations between you and your partner. However, if you start reading through things about divorce, there are concepts such as “high net worth divorce” that might appear new to you. Just what exactly is it, and is this an option you should consider?
Learning about high net worth divorce however means learning about the intricacies of divorce and marriage. The Bowling Green State University’s National Center for Family and Marriage Research reports that in the United States, there were 32 marriages for each female that is older than 15 in 2015. In the same year, there were 16 divorces for every 1,000 married female of the same age group. In 2016, there were actually 30 marriages for every 1,000 married females in Washington D.C., signifying a bit of increase in divorce rates at the time.
Seeing that marriage, and in turn divorce, are two constantly varying aspects of life, it’s important to learn about some of their specific “kinds.” This includes high net worth divorce.
What Is High Net Worth Divorce?
When one talks of high net worth divorce, it concerns less about the divorce in itself but rather the individual/s in question. This is because a high net worth divorce is a divorce involving what is known as a high net worth individual, who is someone with a net worth or a joint net worth with a spouse that is more than a million dollars not including their primary residence; or a natural person that earned more than $200,000 in recent years, or at least $300,000 with a spouse.
As such, when it comes to legal definitions, a high net worth divorce is simply a “variety” of divorce that is informally used to describe situations where two individuals of high net worth want to file for divorce. While the treatment of high net worth divorce is just the same as a “regular” divorce, an attorney that has handled divorces with high net worth individuals before may be more reliable especially if you’re a high net worth individual yourself.
Why Hire A High Net Worth Divorce Attorney?
When it comes to divorces, attorneys may more or less have handled different kinds divorces such as uncontested divorces or even contested divorces for low to mid level income parties. Things such as child custody and support are things normally tackled in these areas.
You may need the help of a high net worth divorce attorney if during the divorce proceedings, you may have to handle things such as:
- Prenuptial agreements even before entering a marriage.
- Large estates that may be taken into account during the divorce proceedings.
- Global properties, if you or your spouse have them and may affect the divorce proceedings.
- Future income and how this might affect things such as support from either one of the parties.
- How professional licenses will affect the overall divorce proceedings.
As you may notice, high net worth divorce tackles the more monied aspects of divorce, and as such can involve more complex financial situations than a “regular” divorce case. As such if you believe your assets may cause financial strain on you and/or your spouse if not handled properly during the divorce, a high net worth divorce attorney might be for you.
Getting through a divorce is in itself a difficult process, and one of the first steps in fully undertaking it without much hassle is understanding its different types and classifications. The guide on high net worth divorce above would hopefully give you a better understanding on just how these types of divorces work, and what you may expect if you’re currently in one. A high net worth divorce attorney may also be of assistance if you have questions on the specifics of this process.