In theory, divorces are all the same. However, high-net-worth divorces can be more complicated.
The rules about divorces are situation-specific. That said, all situations tend to have similar answers to common questions. So here is some general information about splitting up your million-dollar household. Only your legal representation will be able to give you more specific answers.
What is a high net worth divorce?
Officially, there is no definition for a high net worth divorce. Traditionally, this term applies to divorces involving more than one million dollars in assets. However, the minimum sum has recently started to grow, and it takes several million dollars in assets to fall under this category.
Why are they complicated?
As mentioned, in theory, all divorces are legally the same. That means that you will need to follow these steps:
- Identify all assets
- Identify what belongs to who
- Determine other responsibilities
- Divide the remaining assets
These steps may seem simple enough. However, high net-worth divorces can get complicated because the number of assets will take longer to identify and divide. Additionally, non-property issues can also arise and complicate the basic steps of a divorce.
What should you do if you are in this situation?
Each high-value divorce will be different. However, you can still follow some general advice if you find yourself in this situation. The best thing you can do is work with your partner to make the process as smooth as possible. Additionally, planning for your future is key to ensuring your ideal settlement.
Sit down and see if you have several million dollars in assets that you and your spouse need to divide. If that is the case, be ready for things to get complicated and deviate from the standard divorce protocol.