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How is a High-Net worth divorce different?

June 21, 2021 | Firm News

It may seem like having more wealth would make a divorce easier. After all, many lower-income couples struggle to afford a divorce and have many financial challenges they must figure out during the proceedings. 

However, a High-Net worth divorce comes with its own challenges. According to Insider, when wealthy couples divorce, they have some issues other couples may never have to deal with or may do things a little differently. 

Higher chance of settling

It is more common for wealthier couples to settle their divorces outside of the courtroom. Since you have so much at stake financially, leaving decisions up to the court is too risky. It is much better for you to come to an agreement with your spouse. 

Different timelines

Whereas lower-income couples may wait to divorce until they can financially afford it, you may decide to divorce when your finances are not as great. The reason is it can help is high-value assets may be lower in value at this time. 

It also is less likely to be an issue for you if you have some value loss of your assets during economic downturns. You may actually have more free time if business slows, which makes it a better time to file for a divorce. 

More people

In your High-Net worth divorce, you will probably have more professionals involved than a lower-income couple. You may have additional financial advisors, for example. If you have a business, that may involve multiple people who have a stake in your divorce or who will help you untangle the business details. 

In addition, you may have household staff, which will require allocation. If you are a public couple, you also have to think about the impact on the public and how you will share information with them. 

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