Five Unique Challenges High Net Worth Divorcees Often Face

Couples who have worked long and hard to earn and maintain a significant net worth often face considerable challenges when they get divorced. Resolving the division of complex assets is usually the most challenging obstacle to overcome, but other problems are also common. High net worth couples frequently enjoy significant influence in their community, which can make privacy concerns paramount during a divorce. Alimony payments can be very difficult to negotiate in a high-net-worth divorce case. If you are a high-net-worth individual in Fort Worth and are considering divorce, here are five unique challenges to prepare yourself for. 

Sorting Assets into Marital and Non-Marital Property

Generally speaking, anything that either spouse acquires during the marriage is considered marital property. In fact, the presumption in a divorce is that all property owned by either spouse is marital property, and a spouse who wishes to claim certain property as individually belonging to him or her will need to provide convincing evidence of the property’s ownership. Spouses frequently contest property as being marital or non-marital, so be prepared to dig back into an asset’s history for proof. 

Valuing Complex Assets

Savings accounts and family vehicles may be easy to value, but complex assets like investment portfolios, business assets, art, and collectibles can be far more difficult to assess. Complex asset valuations often require specialists with industry-specific knowledge and, for assets with varying value (such as a stock portfolio), couples will need to agree on a specific valuation date so the value is not in flux throughout the divorce process. 

Privacy Concerns

High net worth couples who maintain a high profile in their community generally want to pursue divorce with as much discretion as possible. Bystanders interested in a couple’s divorce often lose sight of the fact that a divorcing couple is made of two very real people, often with children, who have painful emotions involved in the divorce. While the solution to a couple’s privacy concerns will depend on the couple’s unique circumstances, having an attorney who understands how to keep a low profile during divorce is essential. 

Alimony

Also known as spousal support, alimony can be a subject of significant tension in a high-net-worth divorce. When one spouse’s income is substantially higher than the other’s, spousal support payments can be correspondingly significant. Determining spousal support payments may involve considering more variables than in normal divorce cases. 

Longer Divorce Process

Due to the complex nature of the asset valuation process, high-net-worth couples often face a longer divorce process. This is especially true if a couple owns international assets, assets requiring extensive forensic accounting investigation, or when a spouse is trying to hide assets. Having realistic expectations of what you may be facing in your divorce can ease the stress of a prolonged divorce process and having a great divorce attorney who understands the difficulties you are facing will help. 

Meet with a Fort Worth, TX High Net Worth Divorce Lawyer

At Hatton & Hatton family law offices, our Fort Worth high net worth divorce attorneys understand the challenges that high net worth individuals face during divorce. We work tirelessly to provide discreet, effective legal representation so you can get through your divorce as soon as possible and move on with the next phase of your life. Call us today at 817-349-8120 to schedule a free consultation. 

Source: 

https://statutes.capitol.texas.gov/Docs/FA/htm/FA.7.htm