Complexities of High Net Worth Divorces
Whether you need a Virginia divorce lawyer to handle a complex dispute over a marital estate or you’re wondering how a potential split might impact a business that you grew together with your spouse over the past 10 years, consider the following five factors that distinguish high net worth divorces from other types of separations.
1. More Assets (and Liabilities) Can Lead to Lengthy Disputes
If you and your spouse own a home, a few savings and checking accounts, and some incidental property and jewelry together, your estate will only be so complicated. However, if you and your spouse own multiple properties, diverse types of real estate, and major businesses, the scope of the estate will demand more attention. As a Hollywood agent might put it, “the stakes are higher” in these types of divorces.
2. Ethical Concerns May Arise
What’s at stake in the divorce could inspire less-than-ethical actions. For instance, one spouse who owns a business may try to hide that business’s assets or divest them prior to the divorce process. Or people outside of the marriage (such as a paramour, unethical family member, or even a business competitor) may try to acquire certain assets during the process.
3. One Spouse May Be Unaware of the Estate’s Details
In many cases, one spouse might not have much knowledge of what’s in the estate or the liabilities involved. For instance, a stay-at-home parent might not have any idea exactly how much the family owns, where the assets are kept, or what happens with the household’s financial matters.
4. Children Can Complicate the Settlement
In any divorce, parents understandably fight aggressively for legal and physical custody. However, in a high net worth divorce, parents may also use custody as a bargaining chip, further complicating the settlement.
5. The Divorce Can Impact Shared Businesses
Divorces can have significant financial repercussions on shared businesses. For example, in the split between billionaire Harold Hamm and his wife, Sue Ann Hamm, their company’s value fell from $18 billion to $13.9 billion by the time the divorce was settled.
Seek Professional Help for Your High Net Worth Divorce
For help understanding how to handle your high net worth divorce in a sensible, strategic, and compassionate fashion, call the Virginia divorce lawyers at DiPietro Law Group, PLLC at (888) 530-4374 to set up a consultation. We can help you regain peace of mind and achieve your goals.