If you are getting a high-asset divorce, you should speak to a high-net worth divorce lawyer Rockville MD residents trust. While all divorces can be complex, the stakes can be especially high in high net worth divorce. A skilled lawyer can help you get your divorce moving in the right direction.
How High-Net Worth Divorces Differ from Other Divorces
If you and your spouse are high-net worth individuals, your divorce will be more complicated. However, if you know what to expect and retain an experienced lawyer, you can reach a fair settlement. Here are a few ways divorce changes with high-net worth:
- A High-Net Worth Divorce Is More Costly: Higher-net worth individuals have more assets to divide during a divorce, creating more work for their lawyers. This is why these divorces tend to be more expensive than divorces with fewer assets. Before you file your divorce, gather all your financial documents and put them in a safe place. It can become more difficult to find these documents once you and your spouse start dividing your belongings.
- A High-Net Divorce Will Take Longer to Complete: People with high-assets can also expect their divorce to take a while to finalize. Evaluating all the assets takes time and determining whether they are considered separate or marital assets can lead to longer court battles.
- A High-Net Divorce Results in Higher Child Support Payments: During most divorce cases, child support payments are determined based on the couple’s combined net income and the number of children being supported. However, if the couple’s income is higher than the maximum amount listed, the court will determine the child support payments on a case-by-case basis.
Common Mistakes to Avoid in High-Net Worth Divorces
A high-net divorce can be especially stressful and mistakes can be made. Here are a few common mistakes a high-net worth divorce lawyer in Rockville MD sees wealthy couples make during divorce:
- Hiding Assets: Some high-net individuals may be more likely to hide assets from their spouse during a divorce. They might transfer assets to a friend or a business partner. However, this is considered fraud and could hurt your chances of getting a fair settlement.
- Trying to Rush the Process: A divorce is a stressful ordeal, so it’s understandable that you want to get it over with as quickly as possible. However, if you make rush decisions without thinking them through, you could cheat yourself out of a fair settlement.
- Not Understanding Your Assets: In many high-net worth marriages, one spouse typically earns a lot more than the other and may know more about the assets than the lower-earning spouse. If you earn less than your spouse, you should have divorce lawyers Rockville MD residents count on to investigate whether there are any assets you don’t know about but are entitled to.
If you have more questions about your divorce, schedule a consultation with a high-net worth divorce lawyer in Rockville MD.