A high net-worth divorce involves a couple with substantial marital and personal assets. The question during a divorce becomes who gets control of the majority of the assets. During a high net-worth divorce, there are numerous considerations to take into account in the proper division of the assets like stocks and investments, vacation properties and family home.
A high net-worth divorce requires a more complex and substantially more in-depth representation. There might be business-related tax implications or financial scenarios related to high tax brackets that a lawyer would need the expertise and savvy to recognize.
Not every high net-worth couple started out that way; a lawyer has to know how to search for assets gained during the marriage and who contributed to the accumulation of the assets along with the liabilities. Any prenuptial agreements must be taken into account as well. There is often expensive art work to be divided as well as vehicles and retirement funds.
It is essential to hire a lawyer that has handled divorces when the couple is in a high tax bracket. The problems are unique, and the solutions are often creative, savvy and complex. High net-worth divorces can be high drama and high stakes, so the lawyer needs to be prepared to assemble a team of experts to dispute many of the petitions that come to the law office. The process can be long, drawn-out and bitterly combative.
Whether the divorce is combative or amicable, it can take up to a year to a resolution. While waiting for the divorce, the couple is in a state of suspension. There is no set decision on how assets are to be divided. A client can take out a temporary order until the divorce is final. Temporary orders lay out the proper, temporary behavior that the divorcing couple must maintain until the divorce decree.
Temporary orders lay out custody arrangements and visitation. If one parent refuses to allow the other parent visitation, that can lay the groundwork for a temporary order. Until the divorce is final, or the temporary is changed before a judge, the temporary orders stay in effect. The temporary order can provide a restraining order that stops the couple from selling any assets that came from the marriage, or the restraining order can keep one spouse away from the other.
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