Being in a high-asset divorce tends to mean that the divorce is more complex. This is because high assets mean high stakes. The high amount of assets means that uncovering and categorizing all assets can take a longer amount of time, and could be subject to disputes.
If you are currently considering filing for divorce as someone in a high asset household, it is important that you take early action to plan your strategy. Failing to do so could lead you to be in a vulnerable situation where there is a lot to lose. The following is an overview of the problems that often arise in a high-asset divorce.
Stubborn divorcing spouses
High-asset divorcing spouses are less likely to settle because they know that so much is at stake. They are unlikely to go through mediation and tend to go through litigation to fight for the settlement that they want. Therefore, it is wise that you do not underestimate the stubbornness and grit of your divorcing spouse.
Unfortunately, when there is so much at stake, high-asset divorcees have been known to wrongfully hide assets in offshore accounts. Doing this means that the total value of marital assets set to be divided is reduced. Many divorcing spouses take additional action to make sure that these assets are uncovered.
Spousal maintenance disputes
In a high-asset divorce, it is likely that one spouse will file for spousal support. To gain spousal support, they will need to show that they need extra funds to ensure that they are able to make a transition from relying on their spouse’s income to becoming self-sufficient. When calculating spousal support, courts take into account a number of factors including the outcome of the division of assets.
If you are planning to go through a high-asset divorce, make sure that you take swift action to fight for the settlement that you deserve.