Going through a divorce is never easy. Unfortunately, divorces can be made all the more complicated when they involve one or more high net worth individuals. Essentially, if you’re about to get a divorce and you or your spouse own at least $1 million in assets, you are in what is known as a high net worth divorce. Please continue reading and reach out to the seasoned Pennsylvania high net worth divorce lawyers at Berman Voss to learn more about how these divorces work and how the firm can assist you.
How Does High Net Worth Impact Asset Division in a High Net Worth Divorce?
In Pennsylvania, divorces involving significant assets necessitate a detailed understanding of both state laws and the intricacies of high-value asset division. Unlike standard divorces, high net worth cases often involve diverse portfolios, including businesses, real estate, investments, and possibly international assets. Pennsylvania adheres to the equitable distribution principle, meaning assets are divided fairly, but not necessarily equally. It’s imperative to recognize that ‘fair’ can vary greatly depending on the complexity of your assets. Competent legal guidance is essential in these scenarios to ensure a division that reflects your financial contributions and future needs.
What Role Do Prenuptial Agreements Play in High Net Worth Divorces?
Prenuptial agreements often take center stage in high net worth divorces. If you have a prenup, it’s crucial to understand how it influences the proceedings. These agreements can dictate the distribution of assets, alimony, and more. However, the enforceability of a prenup in Pennsylvania hinges on various factors like disclosure of assets and legal representation at the time of signing. It’s not just a matter of having a prenup, but whether it stands up to legal scrutiny. Seeking legal advice is vital to assess the strength of your prenuptial agreement and its implications in your divorce.
Are There Special Considerations for Child Support and Alimony?
Child support and alimony are significant aspects of any divorce, but they take on additional complexity in high net worth cases. Pennsylvania’s guidelines for child support and alimony consider numerous factors, including the standard of living during the marriage and the income potential of each party. In high net worth divorces, determining true income can be challenging, especially if it involves business ownership or complex investment portfolios. Ensuring that child support and alimony reflect the true financial picture requires meticulous legal and financial expertise.
If you have further questions or are going through a divorce and require the assistance of a skilled divorce attorney, simply contact Berman Voss today.