Divorce is rarely easy for anyone, but the process can be incredibly complex and draw out if at least one of the spouses is a person of high net worth. A person of high net worth is considered anyone who has at least $1 million in liquid assets, which means it can be converted to cash at any time. High-asset divorces, therefore, are more complicated during the property division process because those of high net worth often have incredibly complex financial portfolios. If you’re planning on divorcing and you are of high net worth or are married to someone of high net worth, here are a few tips to keep in mind before you even file for divorce.
Collect Financial Documents
When you go through property division, you will save yourself and your attorney time by gathering up as many financial documents regarding your assets as possible. From receipts to tax documents, these will all be needed to document which property belongs to which spouse.
Don’t Assume You’ll Get Spousal Support
Spousal support isn’t awarded as often as it used to. Now, there is an increasing number of dual-income households, meaning both spouses work to contribute to marital savings. When they divorce, one spouse might not be entirely dependent on the finances of another to survive. Therefore, if you have a decent job with good income, a judge may not award you any spousal support, even if your spouse is a high net worth individual.
Be Aware of Debt
All assets and debts will be split during property division during the divorce unless any of them belonged to the spouses before the marriage or after the divorce filing. Even if one spouse accumulated a massive amount of credit card debt through reckless spending, the other spouse will likely be on the line for the debt if the first spouse declares bankruptcy.
If you need help filing, or you would like to discuss the specifics of your case with an experienced Okaloosa County divorce attorney, don’t hesitate to give us a call. Let us see what we can do for you.
Contact us at (850) 610-7471 or fill out our online form to schedule a case consultation with us today.