We tend to think of high net worth divorces as involving movie stars, or athletes. There are many other divorces that would qualify as needing special representation.
In these cases, when a mistake is made, it’s on a grander scale. Typically, there are large amounts of money, businesses, assets and property to be divided. Lawyers that specialize in this type of law will inform you that these cases stand apart from the average divorce case due to their complexity.
Division of Marital Property
All divorce cases deal with the division of marital property. But high net worth cases differ because the assets and property in these cases are more varied, substantial, and have complex tax considerations. The majority of divorces do not involve issues with offshore accounts, vacation property, family businesses, and stock options. These special cases do.
Another factor to consider is that couples with substantial estates tend to try to hide assets from each other. A skilled specialist will be wise to the tactics of the opposing party. They will also be able to assist with legal asset protection for their client, where another lawyer might not be able to.
Clients that engage in operating a business represent a challenging issue for a divorce lawyer. Someone that is used to working in this realm will have experience in dividing assets under these conditions.
Division of Debt
Often, complex debt issues accompany complex assets. These must be divided as well. While some debts seem to obviously belong to one party or the other, it might be argued that they are marital debts. It’s worth paying someone with experience to divide debt along with assets.
This division of assets and debts that we have discussed may have stunning tax implications for either party. The average divorce lawyer will not have the experience needed to deal with these situations.
When you are divorcing, and particularly if you are involved in a high net worth divorce, you need to have an expert on your side. There are many competent lawyers that handle the average divorce every day. Although they are good lawyers, they do not have the experience that you need going into a divorce with substantial assets.
Even though emotions and frustrations run high, don’t make the critical mistake of trusting your divorce case to a lawyer that doesn’t have experience with high net worth cases. Hire a specialist lawyer and give yourself the advantage you need.