Divorce can be challenging under all circumstances. The issue of children and money can be two factors likely to make divorce difficult. However, high net worth divorce cases can be complicated because spouses must typically share extensive assets. The more money, the more issues, according to the saying.
When preparing for retirement, it’s typical for working age to invest in various investments and assets; married people usually have twice as many because of the increased value of their combined pensions. Many divorced couples are taken off by how challenging and time-consuming the divorce process is.
High-Asset Divorce Issues
A substantial financial portfolio, young children who require arrangements for custody, or extreme wealth with no pre-nuptial agreement are things that could place you on opposite sides of the table with your divorcing spouse during divorce talks. Read on to know more about the most significant issues for divorces with high assets.
1. Child Custody and Support
If children are part of the divorce, negotiations over settlement may drag on for a long time. Child custody arrangements aren’t always easy, and when child custody and support are in play, it can be even more challenging. In most cases, if one spouse is not the custodial parent in the divorce, the spouse with the highest earnings will be responsible for the child support payment.
Even in high-asset divorce cases with huge settlements, parents may be able to reach an agreement that will benefit them and their children. But, it is essential to employ a divorce attorney Baton Rouge to safeguard the rights of your child and you during custody talks and discussions about support.
2. Spousal Support or Alimony
The court’s spousal support ruling ought to consider the earning potential of both parties. For instance, if one spouse has a considerable net worth, divorce is finalized. In this scenario, the court may provide substantial spousal support, or an alimony payment since the previous earnings capacity of the spouse typically indicates their future earning capacity. Both parties must have attorneys from reputable firms like DeJean & Noland Law Office who can thoroughly review their relationship and present the strongest argument possible before the court.
3. Pre-nuptial and Post-nuptial Agreements
Divorces involving wealthy individuals usually involve the use of pre-nuptial as well as postnuptial contracts. If either or both individuals had significant assets before getting married, it’s normal to establish a pre-nuptial or postnuptial agreement that protects them in divorce.
It is possible to alter your pre-nuptial or postnuptial agreement with the assistance of legal counsel. A community property lawyer in Baton Rouge can help draft and implement these agreements since it’s straightforward to be left out on assets and property to which you’re legally entitled if you don’t have someone to protect your interests.
4. Property Division
In a community-property state where assets of a married couple such as income, assets, and debts are all viewed as joint. It is critical, however, to seek legal counsel to protect “separate property,” or property that one spouse acquired before marriage. Legal settlements and awards and the proceeds of the sale of property that is separate can all be considered as separate property.
5. Business and Investments
If you are going through a divorce, various possibilities exist to divide investment and businesses. If the business or investment was purchased or established during the marriage, particularly with shared funds, the business’s assets are likely to be designated common property and divided equally. Suppose a property or business was acquired before the wedding or was purchased using separate finances. In that case, it may be considered a separate property, which means its assets and money could be subject to negotiation.