Typically, there are divorce terms that are highly disputed in the courtroom, whether it be child custody, child support, property division, or alimony. But what makes this far more complicated is if you and your spouse are high net worth individuals. Read on to discover how your assets will be divided and how a seasoned York County, PA high net worth divorce attorney of Ilkhanoff & Silverstein can educate you on the benefits of using mediation.
By Pennsylvania law, what is considered a high net worth divorce?
The Pennsylvania law that determines whether you and your spouse fall under the high net worth divorce category is fairly straightforward. That is, if you and your spouse have net liquid assets that total $1 million or more, then this applies to you.
What assets will be divided in a high net worth divorce?
With Pennsylvania being an equitable distribution state, your marital property will be divided in a way that is equitable and fair. However, this is not as straightforward as it may appear. This is because, with a high net worth divorce, things can become extremely complicated with the many assets that need to be cataloged, valued, and equitably divided. Below are just some of the assets possibly in your possession that need to be looked at with special care.
- Multiple business ownership interests, regardless if they are solely or jointly owned.
- Multiple properties, such as real properties and rental properties.
- Deferred income, such as stock options, bonds, and mutual funds.
- Retirement savings, such sd 401(k)s and pensions.
- Valuable collectibles, such as antiques, artwork, memorabilia, expensive cars, and jewelry.
Is it possible to use mediation for my high net worth divorce?
If you are set to undergo a high net worth contested divorce, then it may be worth considering the option of mediation. We say this because, as a high net worth individual, you have a lot at stake, and you need to do everything in your power to protect what is rightfully yours. With mediation, there is a chance that you and your spouse will turn your contested divorce into an uncontested divorce. A fair agreement regarding your distribution of assets will result.
All in all, we strongly encourage high net worth individuals to consider mediation to work through their outstanding matters in their divorce. To retain the assistance of a mediator, do not hesitate in contacting a competent York County, PA divorce mediation attorney today.
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