Navigating the Emotional and Financial Challenges of a High-Asset Divorce

Navigating the Emotional and Financial Challenges of a High-Asset Divorce

Every divorce comes with its own unique challenges and demands, and a high-asset divorce is one situation where more money doesn’t exactly make things easier. When you have substantial money and valuable assets tangled up in a marriage, the entire process tends to be longer, more complex, and more expensive. As soon as you know divorce is on the table, it’s essential to connect with a high-asset divorce attorney in Daphne who can help you navigate your options. 

At Coumanis & York, we understand what you’re going through and the hurdles you’re facing. We’re here to help. Call us at 251-336-3121 to set up a consultation with our team now.

Emotional Challenges Associated with High-Asset Divorces 

Having more money than the average couple doesn’t make the emotional demands of a divorce any easier. Divorce is full of challenging, mentally draining emotions, from anger and betrayal to grief and anxiety. If you and your spouse have built substantial wealth together, it can also be very painful to see everything you’ve built split up piece by piece. Furthermore, the stakes are high in a high-asset divorce. This puts another layer of stress and anxiety on an already difficult process. 

Unfortunately, these emotions can make it far harder to work through these issues with a clear mind. The decisions you make during a divorce can influence every aspect of your life, and it’s important to make these choices with your future in mind. 

Financial Issues That Arise from High-Asset Divorces 

High-asset divorces come with a plethora of financial concerns and issues. They include: 

  • Asset valuation: The larger a couple’s estate is, the more challenging it is to get a fair valuation of their assets. This is especially true if they have unique or unusual assets. 
  • Fair division of property: Dividing property in a fair and equitable manner is particularly difficult when there is so much property to account for. Both parties have contributed to the development of their wealth, and figuring out a fair split can be difficult when both parties feel entitled to a majority of their assets. A number of factors and multiple rounds of negotiations will likely go into an agreement. 
  • Spousal support: Spousal support isn’t as common as it once was, but it is definitely more common in high-asset divorces. When one party brings in the majority of a family’s income, it’s likely that the other spouse will require some financial support to maintain their standard of living. 
  • Debts and liabilities: Many high-asset couples use debt strategically to protect their wealth and limit their losses. Debts must be divided in the same way that assets are. 
  • Income streams: Lots of high-asset marriages involve several income streams. The division of these income streams may depend on who developed them, who is best able to support their continued growth, and who needs the ongoing financial support they provide. 

Planning Ahead for Your Divorce 

Planning ahead can streamline your divorce and limit the amount of time you spend gathering documents and records down the road. Gather copies of all of your financial records. This includes account statements for shared and individual accounts, retirement account records, lender statements, and tax returns. You may also want to compile a list of your assets and debts, particularly any you don’t have direct access to. This is crucial if you worry that your spouse will attempt to hide assets down the line. 

This is the ideal time to think about what you want out of your divorce. You can’t walk away with everything, so decide what matters most to you, what you don’t care about at all, and where you are willing to negotiate. Consider issues like child custody, child support, the division of assets, and spousal support. Knowing your bottom line can make negotiations much easier and help you avoid making emotion-based decisions. 

Discuss Your Divorce Needs with Coumanis & York 

The earlier you begin working with a divorce attorney in Daphne, the sooner you can begin developing a plan for your divorce. Let’s talk about your options and next steps. Call Coumanis & York at 251-336-3121 or reach out to us online to set up a consultation. 

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