You and your spouse have worked hard throughout your lives to acquire significant wealth. Now that you have decided to end your marriage, knowing you are likely to have enough resources to live comfortably should put your mind at ease. Still, having considerable wealth may make your divorce more contentious.
To ensure your divorce goes as smoothly and quickly as possible, you should plan to address some unique challenges. Here are some ways having extensive resources may make your divorce more difficult.
Forensic accounting
Regrettably, it is not uncommon for wealthy spouses to engage in financial infidelity. According to Psychology Today, financial infidelity happens when one spouse lies about or hides money. If your spouse is being unfaithful financially, you may have to employ the services of a forensic accountant to uncover his or her deception.
Publicity
Individuals with considerable wealth tend to be active in their communities. Consequently, you can expect your divorce to draw the curiosity of the public. If you and your spouse want to keep discreet matters private, publicity naturally can complicate your divorce.
Time
Because you have many assets, dividing your marital estate may take a substantial amount of time. Unfortunately, High-Net worth divorces often take longer to conclude than those that involve fewer assets. In fact, it is not rare for High-Net worth divorces to drag on for months or even years.
While you may not be able to control exactly how your High-Net worth divorce unfolds, you certainly can take steps to protect yourself. Ultimately, receiving relevant guidance from an attorney who understands high-value divorces may keep your divorce from becoming even more contentious.