Whether you’re looking for a Virginia divorce lawyer to handle a complex marital estate dispute, or you’re concerned about how a potential split may affect a business you built together with your spouse, high net worth divorces bring unique challenges. Here are five key factors that distinguish high net worth divorces from other types of separations.
1. More Assets (and Liabilities) Lead to Lengthier and More Contentious Disputes
In cases where a couple owns only a home, a few savings accounts, and some incidental property, the estate is relatively straightforward. However, if you and your spouse own multiple properties, various types of real estate, or significant businesses, the complexity of dividing assets grows exponentially. The higher the stakes, the more attention and time your divorce will require.
2. The Stakes Could Lead to Unethical Actions
In some high net worth divorces, one spouse may attempt to hide assets or divest them before the divorce process begins. External players like unethical family members or business competitors may also try to interfere, seeking to claim certain assets.
3. One Spouse Might Be Unaware of the Full Estate Picture
In some high net worth marriages, one spouse may not be fully informed about the household’s finances. For instance, if one spouse ran the business while the other stayed at home, the stay-at-home spouse might not have full knowledge of what the family owns or what debts are owed. This can lead to challenges in fairly dividing the estate.
4. Children Can Complicate the Divorce in Unique Ways
Child custody is a common battleground in any divorce, but in high net worth divorces, the stakes are often higher. Some individuals might even use custody as a bargaining chip in negotiations, making the situation more complex and emotionally charged.
5. The Divorce Can Impact the Couple’s Business in Unexpected Ways
A high net worth divorce can deeply affect any shared businesses. Take the case of billionaire Harold Hamm and his wife, Sue Ann Hamm. Before their divorce, their company was valued at $18 billion. By the time they settled, the value had dropped to $13.9 billion, highlighting the financial toll divorce can take on business ventures.
Get Expert Help with Your High Net Worth Divorce
For help managing your high net worth divorce in a strategic, compassionate manner, contact the Virginia divorce lawyers at DiPietro Law Group, PLLC. Call us at (888) 530-4374 to set up a consultation and begin regaining your peace of mind.