Why are High Net Worth Divorces so Tricky?

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Why are High Net Worth Divorces so
Tricky? Divorces are often a challenge for all
couples, but things can get even trickier for
high net worth couples. The reason these cases
are often tricky is that one or both individuals
that were married are bringing in large sums of
money. There may be special considerations that
would need to be reviewed, including any
prenuptial agreements that were created and
signed before both parties exchanged vows and
got married.
Reviewing the Prenuptial Agreement Most people
with a high net worth will have a prenuptial
agreement drawn up before they get married. The
purpose of the agreement is to protect their
finances and assets in the event of a divorce.
Before figuring out who gets what after the
divorce, the prenuptial agreement must be
carefully examined by the attorneys for both
parties. Certain things may have been agreed upon
in advance, including alimony support payments
that one person will receive from the other
person after the divorce. The ownership of
different assets may have been mentioned in the
prenuptial agreement, too. Going Through
Investments and Assets If there is no prenuptial
agreement or if investments were made and assets
were acquired during the marriage instead of
before it, the attorneys would need to work with
their clients to compose a list of the
investments and assets that exist. While most
people have a few investments and assets, those
with a high net worth may have dozens of
investments and hundreds of assets that would
need to get sorted through during the divorce
proceedings. Because those who make more money
tend to own more property and valuable items, it
can take more time for the attorneys to get
through everything and then handle the separation
of these properties and other assets that were
owned by the couple. Figuring Out Spousal Support
Numbers When spousal support was not mentioned in
the prenuptial agreement, one person from the
marriage may want to seek spousal support from
their former partner. As an example, if the
father of the children was the breadwinner in the
household and the mother stayed at home with the
children to raise them, the mother of the
children may then request spousal support because
she does not have the kind of income that her
husband was making. The same thing goes for a
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woman bringing in a high income with a
stay-at-home husband and father. The stay-at-home
father may request spousal support from his
ex-wife. Can you imagine what would happen if you
were unable to make decisions for yourself? If
something like this happens when you get older
because of a condition that you are diagnosed
with, you would want to have a power of attorney
that could make important decisions for you.
Just like when you choose a trustee to handle
some of your accounts and assets, you should
carefully choose the right person to act as your
power of attorney. It should be a person whom
can depend on and trust. The person would then
have the right to act on your behalf when making
different decisions pertaining to you, your
finances, and your assets. As the power of
attorney, the person you select will get to make
decisions for you when you cannot do so on your
own. Before choosing a power of attorney, you
should let the person know about your take on
important decisions that may arise at some point
in the future. You want to make sure that your
power of attorney understand what you want and
prefer, even when you are unable to make that
clear because of your condition in the
future. Want to Protect Your Assets in the
Future? Speak with the Attorneys at Giro
Law After working hard for what you have, it is
only right to want to protect your assets now and
in the future. There are different ways for you
to get the protection that you need and desire.
If you would like to have a trust or choose a
power of attorney, contact Giro Law today at
201-690- 1642 to discuss the options that are
available to you. Get the quality legal
assistance that you deserve.