Divorce 101: What Is A High Net Worth Divorce?

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Divorce is never easy. It destroys families, but it is the only way to move on from a traumatic relationship. Divorce can affect a lot of aspects of your life. It could affect your relationship with your soon-to-be ex-spouse, your children, and the people around you. You also need to consider several things such as dividing your assets, child custody, alimony, visitation rights, and more. If you and your spouse are undergoing a divorce, it is best to hire a competent lawyer to be able to approach the process legally.

What is a High Net Worth Divorce?

There are 827,261 divorce cases in the United States in 2016. Some of the most common reasons why married couples file for divorce are:

  • Constant fighting
  • Infidelity
  • Finances
  • Lack of communication
  • Lack of intimacy
  • Physical or emotional abuse

Most divorce cases do not end happily. The ex-couples often part ways with a heavy heart because they do not agree with the results of the divorce. It usually happens during a high net worth divorce. A high net worth divorce is defined as a type of divorce that involves people with a “high net worth.” Individuals who meet the following conditions:

  • An individual or a married couple whose net worth value that is more than $1 million.
  • An individual has an income that exceeds $200,000 within the recent two years.
  • A married couple that has a joint income that exceeds $300,000 within the recent two years.
  • An individual of a married couple has an expected income amounting to the same level of income during the current year.

Legal Things to Consider When You Are Undergoing a High Net Worth Divorce

Couples who are involved in high net worth divorce may have the money for the settlement, but it doesn’t mean it is easier. In fact, a high net worth divorce may take more time and money before a final settlement or decision is made. Divorcing couples fight over their properties to protect them or prevent the other party from acquiring it due to the divorce.

To make it easier for you to get through this type of divorce, you may want to consider the following:

  • Assets and properties. During a divorce, you might want to avoid hiding your assets or properties. You may be tempted to transfer them to another party just to prevent your would-be ex-spouse from getting it during the settlement. However, doing so may only damage your credibility, which is very important during a divorce because hiding your assets is considered as fraudulent.
  • Your children. You need to consider the people who will be significantly affected by the divorce – your children. You need to think about their future and their welfare. If you are the husband, you must think of providing support for your kids. If you are the wife, you must fight for child support so your kids can still have a comfortable life after the divorce.
  • Hiring the right lawyer. It is not enough to hire the most powerful divorce attorney. Instead, you need to hire the right lawyer for the job. He or she should be able to defend you during the hearings, and he or she must be able to get the just settlement you deserve.

Hiring a divorce lawyer for a high net worth divorce is important. A competent lawyer can help you get a just and fair settlement. It is crucial to hire one who is experienced in this type of case.

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