Careful planning, scrupulous saving, and hard work can result in a comfortable lifestyle for you and your family. Financial comfort and security, however, does not always promise a happy marriage, and even wealthy individuals can find their relationships failing. There are some special issues to consider in a high net worth divorce.
One issue is privacy. Divorce, like most court proceedings, is a public process. This means that anyone can read the documents that are filed with the court. If you have a high net worth, you probably don’t welcome having your financial information open for public viewing. But you can ask the court to seal the court record. This means that only a few people, such as you, your spouse, and legal representatives you permit will be able to view the filings in the case.
Another issue is property division. In a high net worth divorce, there is probably a lot of property to be divided. Minnesota is an equitable distribution state. This means that the property and debts of the marriage will be fairly divided between the parties. This does not always lead to an exactly equal division. Non-marital property, meaning property acquired before the marriage or during the marriage by gift, inheritance, or personal injury settlement, is not divisible in divorce. Accordingly, if you inherited property before or during the marriage, this may not be part of what gets divided at all. In a high net worth divorce, it is essential to properly identify each asset to ensure that only the marital property is divided.
Property valuation is also important. In high net worth divorces, it is likely that the spouses have a diverse portfolio of assets. These may be highly specialized personal property items, such as jewelry or art collections. With these sorts of assets, having them professionally appraised will provide an accurate understanding of their value. Some assets are more difficult to put an accurate price on without expert assistance. These types of assets might include family businesses or certain types of investment accounts. Accurate valuations of these more complicated assets is especially important, and an expert is often required to make sure the value is correct and complete.
Even in an amicable DIYvorce, division of marital assets and debts can be complicated. But we have a support team ready to help.
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