Breakups are hard and can take a toll on you emotionally and financially. While an average and amicable divorce can be complicated enough, having to go through the process with millions of dollars’ worth of assets on the line makes the situation that much more complex.
Money is not the only thing at stake
When a couple with a combined net worth of $1 million files for a divorce, it falls under a high-asset divorce case. However, aside from money itself, high-asset divorces can also deal with distinct types of assets such as rental properties, private jets or yachts, stocks, inheritances and family heirlooms.
Further, complex properties like businesses can also be part of the split, which means that the fate of these assets can affect many other people like business partners and employees.
Factors affecting division
In Kentucky, divorcing spouses or the courts decide on the equitable distribution of assets in a divorce. In either case, parties must determine the distribution of assets after considering factors including:
- How long they have been married
- The contribution of each spouse (including home management, economic and other types of contributions)
- The financial standing of each person after the divorce
- The property value awarded to each spouse
These and other relevant factors will dictate the eligibility and logistics of asset division. Keep in mind that these decisions are complicated and based on the information spouses provide, which means each person must be honest and forthcoming when revealing their assets, income, expenses and debts.
While learning the complexities of a high-asset divorce is difficult, navigating this process with qualified counsel is critical. Remember, the financial stakes are significant, and little mistakes can have long-term effects. These tricky situations require not only legal understanding but also strategic planning, open communication and a dedication to obtaining a fair and equitable outcome.