Possessing substantial wealth can make many things easier, but when a marriage ends, divorces among high net worth spouses are often more difficult to finalize. Property division, child support and even jurisdiction for the legal proceeding might be more complicated for couples with extensive assets. If you’re financially comfortable and have decided to leave your marriage, you should use great care to select an attorney who is familiar with the special challenges associated with high net worth divorces. 

No specific definition exists for what constitutes a high net worth divorce, but breakups with divisible marital assets of at least $1 million are generally considered to fall into this category. Given the value of real estate in this area, one does not have to be living in extraordinary opulence to qualify. Some ways in which divorces among financially successful individuals can be more challenging include the following:

• Division of complex assets — The larger a marital estate is, the more opportunities there are for conflict over how assets will be distributed. Wealthy couples might have to negotiate the disposition of complex investment portfolios, multiple homes, trust rights, artworks, luxury vehicles and antiques. Detailed financial analysis and expert testimony from forensic accountants and appraisers are often necessary to reach an equitable resolution. 

• Business ownership — If one or both spouses own a business, determining its value and what should happen to it could be particularly contentious. Questions might arise regarding whether the business is considered marital property, how to assess its worth and whether one spouse should buy out the other’s interest. In some cases, business owners might attempt to undervalue their company or hide assets, triggering additional complications. 

• Family wealth — In many high net worth divorces, inherited wealth and family trusts add another layer of complexity. While inheritance is often considered separate property, if the funds have been commingled with marital assets—such as by depositing them into a joint account or using them to purchase shared property—they may become subject to division.

• Child support — Typical child support guidelines often don’t fit the lifestyle of wealthy families. Accommodations might need to be made for private school tuition, luxury vacations and expensive extracurricular activities. 

• Jurisdictional disputes — When spouses maintain residences in multiple states or even different countries, determining where the divorce proceeding will occur might be problematic.  

A high net worth divorce requires skillful guidance from an attorney who has experience successfully handling these types of cases. Chan & Associates in Lancaster represents Pennsylvania residents in divorces involving substantial wealth and the complex issues that often follow. To schedule an appointment, please call 717-869-0015 or contact me online.