High-asset divorce can be complex and challenging. When a couple with significant assets decides to end their marriage, there are many financial considerations to take into account.
It is important for people in this position to explore the key aspects of high-asset divorce and understand how to navigate this process.
Dividing assets
High-asset divorce typically involves the division of substantial assets such as real estate, investments, business interests and retirement accounts. One of the first steps in a high-asset divorce is to gather all relevant financial documents. This includes tax returns, bank statements and property valuations.
In high-asset divorces, the division of property can be particularly contentious. It is important to accurately value all assets and liabilities to ensure a fair distribution. The New York Courts states that courts go over various factors when dividing marital property. These include the length of the marriage, each spouse’s contributions to the acquisition of assets and prenuptial agreements.
Child custody and support
Child custody is another important issue to consider in high-asset divorces. The best interests of the child should be the top priority, and it is important to create a parenting plan that supports the child’s emotional and financial well-being. In addition, some parents have significant child support obligations after divorce. If you expect to owe or receive support, look into this issue closely.
By carefully reviewing your finances and prioritizing the well-being of children involved, you can go through a high-asset divorce with confidence and work toward a fair outcome for all parties.
