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Why There Are So Many Additional Challenges
Divorce is never easy, but when you have a high net worth or a large number of assets, it becomes even more complicated. In a high-asset divorce, the parties involved have to deal with significantly more complexity and tension than in a traditional divorce. This is because there are more assets to divide and a larger net worth at stake.
If you are considering a high-asset divorce, it is important to understand how this process differs from others. In this blog, learn the factors that make high-asset divorces complex and why they are often more difficult than traditional divorces.
Larger Number of Assets
In a high-asset divorce, there are typically more assets involved than in a traditional divorce. This can include but is not limited to the following:
Multiple pieces of property
Businesses
Investments
Retirement accounts.
These assets may be located in different states or countries, which can make the divorce process more complicated.
Higher Net Worth
In addition to more assets, high-asset divorces also involve a higher net worth. This means that there is more money at stake in the divorce. For example, if one spouse owns a business, the other spouse may be entitled to a portion of the business’s value. Similarly, if one spouse has a retirement account with a high balance, the other spouse may be entitled to some of those funds.
Division of Assets
Dividing assets in a high-asset divorce can be complex because there are often more assets to divide than in a traditional divorce. In addition, the division of assets may be more difficult because the parties have a higher net worth. For example, if one party owns multiple businesses, the other party may be entitled to a portion of those businesses. Similarly, if one spouse has a retirement account with a high balance, the other spouse may be entitled to some of those funds.
Additional Complexity
High-asset divorces often involve additional complexity due to the number and types of assets involved. For example, businesses owned by either spouse need to be valued and divided between spouses; this may require the help of an outside expert, and the business owner may wish to keep the business and part with other assets instead.
Additional Tension
The larger number of assets and additional complexity often lead to additional tension between the spouses during a high-asset divorce. This tension can make it more difficult to reach an agreement on how to divide the assets. It can also make it more difficult to communicate and work together during the divorce process.
The Need for High-Asset Divorce Experience
Because of the complexities of a high-asset divorce, it is important that your attorney be someone with experience handling the challenges of these higher stakes. Not just any family law attorney will do the job; your attorney should be someone who understands the types of assets involved in these cases as well as how to best handle the situation to help you achieve the best result.
Work with the Pacific Cascade Legal Team for a High-Asset Divorce
If you are preparing to go through a high-asset divorce, know that the team at Pacific Cascade Legal can help you navigate through the challenges to get you ready for your better life. We know how difficult divorce can be, which is why we commit to advocating for you throughout the entire process. No matter the challenges, we can help you overcome them.
Learn more about divorce and a larger marital estate or schedule a consultation by calling (888) 981-9511 or by visiting our website.
