Ending a marriage is rarely a simple process. The emotional and financial strain of divorce can leave anyone drained and unraveled. However, for those in Kansas with more assets and a higher net worth, the process of divorce can be even more complex. Here are a few reasons why a high-asset divorce is different from a standard divorce.
What is a high-asset divorce?
There’s no single definition for what a high-asset divorce is. Typically, a divorce is considered high net worth when the split involves more than a million dollars in liquid assets. These days, many divorces concern even higher amounts.
The reason high-asset divorces are more complicated is because there’s more to divide and the negotiation stakes are much higher. For example, for a divorcing couple with an estate worth $20 million, just negotiating 1% would mean thousands of dollars. Common types of assets that most high net worth couples hold are businesses, real estate, stock investments and exceptional assets like jewelry and art.
A longer process
Since they are complex, high-asset divorces usually take longer to resolve. Undoubtedly, the process can be stressful and exhausting. However, those in a high-asset divorce should see the process through and avoid settling quickly just to get it over with. It is said that it is best to treat the divorce like ending a business.
With high-asset divorces, there is more to gain or possibly lose. Add in the usual difficulties of divorce and the experience can easily become overwhelming. Those in Kansas who have questions or want to know more about high-asset divorce should consider discussions with a legal representative. A knowledgeable and skilled attorney can answer questions and help individuals avoid mistakes that might cost them more in the future.