The divorce rate in the United States is quite high, with almost 40% to 50% of married couples in the country ending up divorced. According to the American Psychological Association, the divorce rate for second or subsequent marriages is even higher.
Couples going through a divorce often have to deal with complicated issues involving property division, spousal support, child custody, and child support. Many divorces end up in prolonged legal disputes with either party refusing to compromise and agree to the terms.
While no two divorces are the same, the issues regarding finances become even more complicated in cases with couples that have a high net worth.
Here are some of the most common issues faced during a high net worth divorce:
Prior Agreements
One of the first things divorce lawyers ask high net worth couples before starting the divorce settlement is whether there is a pre-nuptial agreement. Prenups are quite common in marriages where two people with high net worth are marrying, or a person with a lot of money is marrying someone with very little.
However, prenups aren’t always valid. The first thing lawyers need to do is to review the prenup to ensure the agreement is legally binding. If the prenup is valid, it will be used as a guideline for all issues, including property division and alimony, that have been clearly delineated in the agreement.
Child Support
Children of high net worth couples often have different financial needs such as private school tuitions, nannies, and additional classes such as ballet or piano lessons. This might result in additional child support payments compared to a typical divorce settlement. Another concern for high net couples is college tuition. Couples going through divorce might have to contribute to a trust that has been created to fund their child’s college tuition regardless of their age.
Property Division
There are several challenges when dividing property among high net worth couples. Generally, any property acquired during the marriage gets equally distributed between the couple. However, most couples with high net worth have assets and individual property that they brought with them to the marriage and cannot be subjected to community property laws. High net worth couples also own household items that are quite high in value, such as antiques, artwork, and jewelry, which complicated the division of property.
Get Legal Advice from Leading Divorce Attorneys In New York
Getting a divorce under New York State law can be complex and full of legal restrictions and regulations. Our team of highly qualified and experienced divorce lawyers at Ledwidge & Associates, P.C. has been helping all kinds of couples get a divorce in New York. We have extensive experience dealing with child support, property division, pre-nuptial agreements, and tax consideration for a divorce.
Schedule a free phone consultation by calling us at 718-276-6656 and speak to our top Divorce Attorney Brooklyn and Divorce Attorney Queens!
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