How Much Money is At Stake?
High net worth divorce differs from what many would assume to be a “traditional” divorce in many ways. The primary difference, of course, is the net worth of the couple and the number of assets at play in the divorce. Many people may have a different idea of what “high net worth” can be defined as; here is what to keep in mind.
Degrees of Worth
Many people have different ideas of what high net worth is, and while there is no defined amount of money for someone to be considered in this group, Forbes states that there is a general understanding that a high net worth involves liquid assets of at least $1 million. Note that this does not include assets such as real estate or other properties; high net worth is tied to money in bank or brokerage accounts.
It is also worth noting that the more money someone has, the “more high net worth” they are considered to be. Forbes states that individuals with liquid assets worth over $5 million are considered “very high net worth,” while those who have liquid assets worth $30 million or more are referred to as “ultra-high net worth.” Regardless of the type of high net worth someone is, more money means more complexity in a divorce.
More Money Means More Challenges
Having more money and various types of assets can contribute to greater challenges when getting a divorce. Not only does it mean that more property must be divided in the divorce, but the amount of spousal support one may have to pay may be higher than in a “traditional” divorce. This increase in payments could also impact child support payments if children are present.
Working with a High Net Worth Divorce Attorney
When facing the complexities of a high net worth divorce, you need to work with an attorney who specializes in dealing with the various challenges surrounding this type of divorce. Not just any divorce attorney will do the job well. At Ford & Friedman, we understand the difficulty of working through a high net worth divorce yet are committed to helping our clients walk away with a fresh start and a fair settlement.
To learn more about high net worth divorce or to speak with a member of our team, call (702) 904-9898 or visit us online.