A high net worth divorce usually means a complex divorce. This is partly due to the complexity of dividing multiple assets. The divorce might also be affected by a prenuptial agreement. Finally, there are often considerations to be taken, including how to maintain the lower-earning spouse’s standard of living. As women often earn less than their husbands, they need to prepare for a divorce carefully.
A prenup can simplify the divorce process
While high net-worth divorces are usually complex, if the couple signed a prenup, the divorce process can be somewhat simpler since the terms regarding division of property and finances are usually outlined in the prenup. However, it is important to have a lawyer analyze the prenup so they can explain how it will affect your settlement.
Getting ready to negotiate
If you do not have a prenup, you will need to negotiate with your spouse when it comes to finances. As you prepare for these negotiations, you should complete certain steps, including:
- Listing all your joint assets
- Gathering documentation on the assets
- Valuing each of the assets
- Investigating if your spouse has any hidden assets
Maintaining the standard of living
A big focus of high net-worth divorce is for each spouse to maintain their pre-divorce standard of living. If you are the lower-earning spouse, this might mean negotiating for spousal support, also known as alimony, or for a significant payment instead of alimony. This can come in the form of a large cash payment or through a set of assets.
Being prepared for complex financial negotiations in a divorce can help you negotiate the fairest settlement possible. This can be of great help as you rebuild your life and financial health.