While all couples will face an array of issues during divorce proceedings, challenges are even more complicated for those who have millions of dollars in the bank. It is quite common for high net worth couples to come across many obstacles while going through the process of getting divorced. Although things can get frustrating for couples at times, having the right divorce attorney makes such a huge difference. Giro Law is here to explain some of the common challenges that can occur for couples with a high net worth.
The Division of Real Estate
It is not uncommon for wealthy couples to invest in real estate. They may have more than one home in different parts of the country. These couples tend to have vacation homes and even investment properties that are used for business-related purposes. When a high net worth couple is divorcing, they need to figure out how to properly divide the real estate between the two of them. However, this is where things tend to get a bit complicated. Aside from the money that was invested in real estate, one person may not want to part with a specific property for sentimental reasons. For example, if the children were born in the home, one person from the marriage may want to keep that home for themselves because of the sentimental value the home holds. For more details please contact High Net Worth Divorce Attorney in New Jersey for Free consultation
TIP: Ultimately, there are a few ways to protect your assets during the divorce process. For instance, some people choose to set up an asset protection trust. In case you were not already aware, asset protection trusts offer the strongest protection you can find from creditors, lawsuits, or any judgments against your estate. In some cases, trusts of this type can even deter costly litigation before it begins and can even influence the outcomes of settlement negotiations in favor of the grantor or trustee.
The Support Provided to One Spouse
In situations in which one person in the marriage was the breadwinner, the other person may have given up opportunities and stayed home to raise the children. As a result, the person who was not working would not have an income of his or her own in the event of a divorce, which can quickly turn into a frightening situation.
The end of the relationship is difficult enough to deal with, but it is often much harder when thoughts of not being able to afford the cost of living come into play. Couples with a high net worth will often need to work through a spousal support agreement. The person earning more during the marriage may agree to pay alimony on a temporary or permanent basis. The amount provided each month would vary and depend on different factors, but it is something that high net worth couples may disagree on during mediation sessions.
Have a High Net Worth and Planning to Get Divorced? Work with a Divorce Attorney
When you have a high net worth and you are going to get divorced, things can quickly become complicated. You may feel a bit worried about your finances and how the situation will play out. Although couples tend to face some frustrating challenges during a high net worth divorce, you can still get through this situation with the least amount of stress possible. Whether you need to figure out how to divide property or how much to pay in spousal support, a good attorney will get you through it. You simply need to hire a responsible lawyer who will explain things to you and support you in every way. At Giro Law, we are prepared to do that for you. Call our law office at 201-690-1642 today.
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