If you are filing for divorce, then you are most likely realizing how stressful the process can be. Not only is it an emotionally taxing process, but it may also be a financially draining one as well. To make matters even more complicated, if you are a high net worth individual, you will be required to submit additional sensitive financial information, and you most likely have more at stake than the average individual filing for divorce. If you are a high net worth individual seeking a divorce, here are some common questions you may have:
What are the qualifications for a high net worth divorce?
If you or your spouse have assets worth one million dollars or more, then you will qualify for a high net worth divorce. These divorces tend to get more complicated because, on top of the standard divorce issues, such as child support, child custody, spousal support and more, your divorce will also involve divvying larger assets. For example, a high net individual usually must divvy up multiple properties, businesses, and professional practices. Since high net worth divorces generally involve more money and property, the courts will require even more documentation than regular divorces. Some of the documents both you and your spouse may have to provide are:
- Restricted stocks
- Prenuptial agreements in place
- IRAs
- 401(k)s
- Offshore assets
- Professional licenses
- Involved tax structures
- Business ownership, including partnerships and limited liability companies/corporations
- Real estate holdings, including multiple properties
- Bonuses that do not vest immediately
- Widespread investments, including stocks, bonds, and investment properties
Of course, this information shall be submitted in addition to pay stubs, W-2s, bank statements and more.
Can I protect myself from having to divvy my assets in a high net worth divorce?
If you and your spouse establish a prenuptial agreement, you should be able to protect yourself from the litigation process. Not only may you protect your hard-earned assets, but you may also protect your inheritance in the event of a high net worth divorce. If you and your spouse have not filed a prenuptial agreement before your marriage, it is not too late to protect your assets–you may still file a postnuptial agreement. While many spouses do not know how to suggest a postnuptial agreement, there is no harm in asking. Suggesting a postnuptial agreement does not suggest that you do not have confidence in your marriage. If you wish to establish a postnuptial agreement, contact one of our experienced attorneys today.
Contact our Pennsylvania firm
The divorce process can be challenging, but our team at Ilkhanoff & Silverstein is dedicated to fighting for your best interests. Since 1999, our York divorce lawyers have guided our clients through this emotional and stressful time with compassionate client service and results-driven legal counsel.
