What Is A High Net-Worth Divorce?
Dividing assets and property of any amount is hard during a divorce. Many spouses struggle with finding an arrangement that they both believe is fair. When it comes to a high net-worth divorce, this problem often escalates.
High Net-Worth Divorce
If you and your soon-to-be ex-spouse share a substantial amount of assets, you will likely become involved in a high net-worth divorce.
These cases require more attention to detail to ensure an equitable division of assets.
High net-worth divorces occur when the couple has:
Over $1 million in liquid assets
Substantial stock portfolios
Luxury goods like artwork, jewelry, boats, etc.
Community vs. Separate Assets
One of the most complex parts of a high net-worth divorce is determining whether assets are separate or community property.
Separate property is property owned individually prior to the marriage. For example, if a wife purchased a $50,000 piece of jewelry before being married.
Community property is property obtained during the marriage. An example of this would be the spouses choosing to purchase a vacation home together after they are legally married. It is important to note that community assets don’t need to be things purchased together. If the husband chooses to buy a boat during the marriage, that boat is considered community property - even if the wife did not put money toward the purchase.
When it comes time to divide assets, most things are typically thought of as community property.
How A Divorce Attorney Can Help
If you are going through a high net-worth divorce, it is crucial that you have a knowledgeable attorney by your side.
An attorney can help you prove that you have separate ownership and rights to certain assets.
An attorney can also help assess the value of your assets, and work with other experts, to ensure you are getting a fair amount of property after your divorce.
At Michelle Purvis Law, our attorney Michelle Purvis has numerous years of experience handling high net-worth divorce cases. She will fight for your best interests. Call (817) 809-8199 today to get started on your case.