Posted on: 4 April 2016Share
While no one enters into a marriage thinking that it will end in divorce, it's important that you are prepared to deal with the problems a divorce can create. For individuals with a high net worth, divorce can present some unique challenges when it comes to dissolving a marriage.
Here are three things that you should consider before finalizing your divorce arrangement if you (or your spouse) have a high net worth.
1. Be realistic about your work and travel schedule.
If your net worth can be attributed to your success in the business realm, it's likely that you engage in a rigorous work or travel schedule. Business travel is expected to grow in 2016, with workers taking an average of 40,000 additional business trips each day.
When designing a custody arrangement while going through a divorce, be sure that you are taking your own travel schedule into consideration. A flexible custody arrangement will allow you to accommodate your business travel needs without sacrificing time with your children.
2. Identify income items that might not need to be included in alimony or child support calculations.
When determining how much money you will need to pay your former spouse for alimony and child support, the court bases payments off your income. For individuals with high net worth, income can come in many different forms.
If you have access to company privileges like a car allowance or expense account, these might not be considered income by the court. Be sure that you work closely with a qualified divorce attorney to determine which forms of income can be used to calculate alimony and child support obligations to ensure that you don't overpay.
3. Separate personal and business assets.
Many individuals with a high net worth are self-employed. If you own your own business, it's vital that you take the time to separate your personal and business assets prior to filing for a divorce.
Some assets that should not be considered marital property include trademarks or patents that pertain to your business activities, technology that is used solely for business purposes, or investments made on behalf of the company. Keeping your personal and business assets separate will allow your attorney to preserve the integrity of your business assets as you go through a divorce.
Getting divorced when there is a lot of money at stake can be challenging. Be sure that you consider your scheduling constraints when calculating custody agreements, identify items that don't contribute to your income, and separate personal and business assets to make your divorce as smooth as possible.
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