Affluent couples going through divorce often have similar issues to contend with as the typical couple. However similar those issues are, they also are much more magnified.
For example, the amount of assets is significantly higher and much more complicated. Child and spousal support matters promise lengthy negotiations in determining precise amounts. And who will pay for the children’s education at private schools or inherit the expensive club memberships?
Complicated assets to valuable collections
In high-asset divorce, a much more thorough review is necessary in every matter in order to gain an outcome that is as fair as possible. Among the issues that must get detailed attention include:
- An array of complicated assets: The list may include family-held businesses, residential and commercial real estate investments, pensions, retirement accounts, executive bonuses, stock options, bank accounts, trust-related assets, inherited property and offshore accounts.
- Child support: No matter how you figure it, raising children proves expensive. Affluent couples can afford things for their children that most couples cannot. Among the significant expenses affluent parents contend with include those related to private school, child-rearing through a nanny, tutoring, music and sports lessons, sports camps and private universities. The private college-related expenses in New York may reach $80,000 annually.
- Alimony/spousal support: With some high-asset couples, one spouse may have made significant financial sacrifices by giving up a career to raise a family and care for the home. In order to maintain that current lifestyle, you will need to secure the right amount of alimony payments.
- Valuable collections: Some affluent married couples have collections that represent valuable investments. The list may include wine, fine art, jewelry, antiques, yachts, vintage cars and sports memorabilia. Dividing up these assets may prove difficult.
These examples represent a few of the complexities that surface in a high-asset divorce.
An experienced attorney can help
Understandably, the stakes remain high in high-asset divorce cases. And, sometimes, dishonesty may surface in the form of hiding or devaluing assets. The complex assets of affluent couples must get scrutiny. But these complications can be aggressively and rightfully addressed by an experienced divorce attorney.