High-Asset Divorce
Roughly half of all marriages end in divorce. Some of these splits are considered high-asset divorces. Generally speaking, a high-asset divorce is defined as a divorce with $1 million or more in assets.
While it might be nice to have a lifestyle that affords you the best things in life, getting a divorce with so much at stake is extremely complicated. High-asset divorces often take much longer to finalize because of all the assets involved, as well as a higher possibility of disputes.
If you’re dealing with a high-asset divorce, you need the best legal help possible. With West Palm Beach divorce attorney Brian K. McMahon, P.A., on your side, you are sure to get the support you need. Contact us today to learn more about your legal options.
What to Know About High-Asset Divorce
High-asset divorces are different from normal, everyday divorces. Here are some key differences:
- There are more and different assets at stake. The average divorce may include a house, a couple of cars, and a bank account. A high-asset divorce, on the other hand, may include investment properties, vacation homes, luxury cars, boats, jewelry, businesses, stocks, bonds, and much more. There may even be offshore assets, such as financial assets and investments in foreign banks.
- Disputes are more likely. Since there are typically more assets at stake, and they are highly valuable, the spouses are more likely to argue over what they want. There may also be disputes about concealing assets and determining fair values.
- They take more time. A high-asset divorce is unlikely to be settled quickly unless there is a prenuptial agreement involved or both parties have already agreed to everything. There will usually be more court hearings involved.
- They tend to be more expensive. More time = more money. High-net-worth divorces tend to be drawn out due to disputes. It is not uncommon for one spouse to prolong the divorce until they get everything they want. This means higher legal fees and court costs.
- Alimony is more of a possibility. Unless both spouses are high earners, there is likely to be alimony at play. Typically, one spouse is the income earner, while the other has raised the kids. This means the stay-at-home spouse is likely to receive alimony — and a large amount of it, as alimony is based on income.
Contact Our West Palm Beach Divorce Attorney Today
Divorces can be complicated, especially when there are a lot of valuable assets involved. Assets such as investment accounts, stocks, vacation homes, sports cars, and yachts all need to be appropriately valued so they can be split equitably.
West Palm Beach divorce attorney Brian K. McMahon, P.A. can guide you through the most complicated split. Our firm can give you the support you need. To schedule a consultation, call (561) 658-1789 or fill out the online form. We serve the West Palm Beach, Boca Raton, Port St. Lucie, and South Florida areas.