Every divorce is not created equal. Yes, there will be a division of assets, both positive and negative, and the discussion of financial support for one spouse and/or any children and custody concerns to figure out — if applicable. However, one’s financial status will affect how everything is eventually worked out in the end. Pennsylvania residents who are going through a high asset divorce simply have special concerns that others going through the dissolution process may not have.
So, what are these special concerns? First, property division. A high-net worth couple is likely to have a fairly complex financial portfolio. Gathering all the information needed to determine real value and how everything can be split requires time, patience and help from accountants or other financial advisors.
Second, child support. In a high asset divorce case, the amount of child support awarded to the custodial parent is likely to be higher than what the state requires. Why? The children of these couples tend to be involved in various extracurricular activities, attend private schools and are often looked after by trained child care providers, either daily or when needed. This is a lifestyle that most parents would like their children to keep regardless of their marital status.
Third, spousal support. If both spouses have their own money, spousal support may not be awarded. If, however, one spouse was dependent upon the other, he or she will likely be awarded alimony so that he or she can continue living the lifestyle to which he or she has become accustomed — at least for a period of transition to allow for the opportunity to become self-sufficient.
Finally, fourth, prenuptial agreements. It is not uncommon for a prenuptial agreement to be an issue in a high asset divorce. If it is valid, this can affect both property division and alimony payments; whereas; if there are validity concerns, this is something one can try to fight. A skilled family law attorney can assist with all of these and other special concerns and help those divorcing in Pennsylvania achieve settlements with which both parties are satisfied. To learn more, please visit our firm’s website.