Getting divorced is a major decision that can bring different challenges from many angles. However, the divorce process can be more complicated for those with a high net worth.
In a high-asset divorce, there are likely to be complex disputes over vast sums of money, various assets and numerous other issues. Outlined below are 3 common challenges that a couple going through a high-net-worth divorce might face.
Managing bad publicity
Wealthier couples with a high volume of assets are also likely to be of a higher profile. Often, local journalists may want to report on the divorce, particularly where celebrities, athletes or politicians are involved. Managing bad publicity can add to what is already a trying process. However, individuals may challenge invasions to their privacy by being more aware of their legal rights and protections.
Ascertaining different types of assets
A further challenge commonly associated with a high-net-worth divorce is ascertaining different types of property. In Pennsylvania, there are two different types of property during the divorce process, marital and separate property. Property that is deemed to be separate cannot be divided during the divorce. However, assets can often become merged, making the process much more challenging. Gaining better knowledge of marital property law in Pennsylvania could make the divorce process less trying overall.
Accurately valuing assets
Often, couples involved in a high-net-worth divorce have various assets that need to be valued. Frequently, factors involved in this process include businesses, which can be more complicated to evaluate. Ascertaining the value of a business can be time-consuming and typically requires enrolling the assistance of an expert in the field.
Understanding the unique challenges involved in a high-net-worth could help you to prepare. It is important to remember that you have legal rights in Pennsylvania.