Georgia residents know that going through a divorce is extremely challenging. Splitting up assets, figuring out child support, and agreeing on alimony are challenges in regular divorces. Tension increases exponentially when dealing with high-asset divorces. There are many challenges that divorcing couples have to navigate their way through when a large amount of money or assets is at stake. If the couple is having a contentious or acrimonious divorce, negotiations can and often do drag out for years.
What are some of the challenges that come with high-asset divorces?
One of the biggest challenges with high-asset divorces is the amount of time they take to complete. Figuring out how to divide up huge amounts of cash, property and investments can take months or even years to finalize. One of the biggest hurdles in these cases is simply finding all the assets. Once the assets are found, the next step is assessing their worth. If the assets are not liquid, financial experts may liquidate them before they assess their true value.
Another big challenge that people going through high-asset divorce face is the fact that the income coming into the household is not easily measured. Individuals with high net-worth usually don’t receive regular paychecks. A lot of their income may come from investments, bonuses, royalties, and other financial instruments. Since this type of income is difficult to predict, giving it a firm value can take a long time.
Another hurdle couples going through a high-asset divorce face is figuring out alimony and child support. Courts usually want soon-to-be ex-spouses and children to continue living in the lifestyle to which they have become accustomed. Putting a dollar value on that lifestyle can be challenging, and both parties in the divorce often strongly disagree over how much that amount should be.
Who can people reach out to when they’re dealing with splitting up assets in a high-net-worth divorce?
Couples going through divorce who are splitting up costly assets usually find the whole process challenging and overwhelming. They may benefit from working with attorneys who have experience handling high-net-worth divorces.