You have grown accustomed to a lifestyle that few people can afford or live up to. Throughout your working careers, you and your spouse made plenty of money and solid investments in your pursuit of happiness. You do not need to apologize for this.
However, like other couples, affluent couples can run into marital obstacles. Their unions can crumble into a heap of complications mainly due to the assets involved. In high asset divorce cases, some of the same issues surface as in other marriages. But many of these issues become magnified. And there is a whole entire slew of other complications based on assets. This is why you must protect yourself.
Many assets, child support, collectibles
In high-asset divorce cases, a deeper look takes place in issues that include:
- Complicated assets abound in high-asset divorce cases. A litany of assets may surface that include stock options, stock voting rights, business interests, real estate partnerships and the assets held within a trust. Carefully and skillfully address these matters.
- When looking at child support, issues that surface include tuition for private school; providing payment for expensive lessons, hobbies and camp; regular payments for a nanny; and paying tuition – which could run at $56,000 per year — to an expensive private college.
- Not only must you deal with complicated assets, but you must also confront the possibility of hidden assets. Some spouses hide money and investments from their partners and do their utmost to keep them from disclosure. Look throughout your home for cash that may be hidden in unusual places. Also do a deep dive into financial and tax documents. You may be surprised to uncover bank safe deposit boxes as well as real estate that you may not have known about.
- Spousal support and alimony are another matter. In some high-asset divorce cases, one spouse may have given up his or her career to raise a family. Alimony allows this spouse to maintain the lifestyle he or she had.
- Affluent people often have expensive collections such as fine art, wine, jewelry, luxury and sports cars, yachts and collectibles such as sports memorabilia, coins, antiques and vinyl records. As long as these assets were accumulated during your marriage, these collections are marital property.
What is fair in high-asset divorce? What types of protection must you get in a high-asset divorce? Get answers to these questions while working with an experienced legal ally. And make sure to fight for what belongs to you.