What is a High Net Worth Divorce?

For many people, divorce is one of the most difficult obstacles to overcome. Unfortunately, though the legal process may seem intimidating on its face, if you or your spouse is a high net individual, the financial stress of a divorce is almost immediately compounded, since presumably, you have more assets at stake than many other couples. Please read on to learn more about high net worth divorces and your potential legal options going forward. Here are some of the questions you may have:

Am I in a high net worth divorce?

Essentially, for your divorce to be considered a high net worth divorce, either you or your spouse must have assets valued at $1 million or more. Rather obviously, if you find yourself in this situation, you have a lot to lose, so you must not wait to get in touch with an attorney to review your legal options going forward.

What assets may be at stake in a high net worth divorce?

In a high net worth divorce, all the issues of standard divorce will come into question, such as alimony payments, child custody terms, and more. However, there are several additional assets that you may not even realize are at stake. For example, shared businesses between you and your spouse, stocks, bonds, multiple properties, and more may all be at risk.

Since these divorces are dealing with high-value assets, the court will do everything in its power to obtain the clearest, most well-rounded picture of your financial marital arrangement. Because of this, your divorce may involve private investigators, forensic accountants, financial analysts, and more.

Can I protect my assets from a high net worth divorce?

Fortunately, there are options available for protecting your assets. For example, if, before you were married, you and your spouse drafted a prenuptial agreement, you should have a legally-enforceable, written agreement on-hand, detailing how your assets shall be divided. However, if you had not drafted a prenuptial agreement and are still married, you may draft a postnuptial agreement, which essentially serves the same purpose. Lastly, spouses who jointly own a business may draft a shareholder agreement, which will predetermine how your business will function after a divorce.

Contact our experienced Michigan firm

Sometimes, divorce and family matters are extremely hard to navigate. Fortunately, they do not have to be with the assistance of a compassionate, knowledgeable firm, who is willing to guide you every step of the way. If you need a seasoned firm to help you with any divorce or family-related matter, please do not hesitate to contact our firm today to schedule a consultation. We are here to help.

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