Considerations in a High Net Worth Divorce
Jan. 6, 2023
A high net-worth divorce is one of the most complicated types of divorce proceedings. The stakes are high, and the decisions made can affect the rest of your life. If you are considering a high net-worth divorce in Louisiana, it is important to understand the various considerations that come with this type of case.
If you are contemplating a divorce in which the property you and your spouse own has a high monetary value, our attorney at Law Office of Ivy L. Graham can help you give consideration to a number of important things. With an office in Denham Springs, Louisiana, we serve clients in surrounding areas, including Albany, Holden, Livingston, and Colyell.
High Net Worth Divorces
Let’s take a closer look at the considerations in a high net-worth divorce:
Prenuptial agreement. In Louisiana, prenuptial agreements are legally binding contracts that are entered into prior to marriage. It is crucial to review the prenuptial agreement carefully to make sure it is fair and equitable for both parties involved. When deciding on a property division during a high net-worth divorce in Louisiana, the court will review any prenuptial agreement that was signed by both parties prior to marriage.
Asset-related issues. One must also consider asset-related issues when deciding how assets should be divided during a high net worth divorce in Louisiana, including how business interests should be handled (i.e., stocks & bonds), investments (i.e., real estate), retirement plans (i.e., 401l accounts), and others. As part of the asset division process, it is also essential to consider whether any debts need to be paid off as well as how any jointly owned property should be divided between spouses. Things can become more complicated when a high net-worth divorce involves international assets or assets that are difficult to evaluate.
Spousal support. Alimony is often an issue when dealing with a high net-worth divorce in Louisiana. Alimony can be awarded as part of a settlement or ordered by the court after considering all relevant factors such as the length of the marriage, assets and liabilities held by each party, income levels, and earning potential of each party after separation or divorce, etc.
Child support. Child support payments are determined based on both parents’ incomes and other factors such as living arrangements (i.e., who has primary caregiving responsibility), medical expenses incurred due to children’s health-related issues, daycare costs associated with children’s care while parents are working or attending school/training programs, etc.
Tax issues. In a high net-worth divorce in Louisiana, there are often tax implications that must be taken into consideration when determining how assets should be divided between spouses. Before finalizing any financial settlements, it is crucial to seek advice from an experienced attorney who can help ensure you understand all related tax implications to avoid paying more taxes than necessary due to an improper allocation/division of assets during your divorce proceedings.
Publicity. Finally, it is also important to consider privacy concerns when dealing with a high net-worth divorce in Louisiana, given that these cases tend to attract more media attention than other types of divorces due to their complexity and potential financial implications. The best way to protect yourself from unwanted publicity is by seeking legal advice from an experienced attorney who can help keep matters private and confidential throughout your proceedings.
It is not a complete list of things you should examine when dealing with a high net-worth divorce. Everyone’s case is unique, which is why the things to consider may vary from one case to another.
How Legal Counsel Can Help
Going through a high net-worth divorce can be an incredibly stressful experience, but understanding what considerations need to be made ahead of time will greatly improve your chances for success down the road.
With proper planning and preparation, you can ensure that all relevant factors have been considered before finalizing any financial settlements, thus ensuring both parties receive their fair share of marital property and assets upon completion of the process.
With careful consideration and guidance from an experienced attorney, it’s possible for individuals going through this process to get through their situation successfully while protecting themselves financially and emotionally along the way.
Seek Trusted Legal Guidance
If you are contemplating or going through a high net-worth divorce, it is vital to seek trusted legal guidance from an attorney. Our knowledgeable divorce attorney at Law Office of Ivy L. Graham can assist you with your high net-worth divorce in Denham Springs, Louisiana, and surrounding areas. Schedule an appointment today by contacting our office.