When divorcing spouses have substantial assets or are in the public eye, the stakes of a divorce can be exceptionally high. There can be money, reputations and privacy on the line, meaning these parties may have some unique decisions to make.
Below are three such decisions that couples may need to address during a divorce involving substantial assets.
Where you divorce
High-profile or affluent couples often have multiple residences. They might split time between a house here in Texas and another home in California or another country. This mobility can afford these parties the option to choose where to file for divorce.
When it comes to deciding where to divorce, it is critical to assess the options ahead of time. Almost every state and country has residency requirements one or both parties must meet before they can legally file there. You should also consider factors like where a child will live and what the laws are for property division in a specific place.
How to value assets
Property like a house or car is relatively simple to appraise and assign value to for the purposes of dividing property in a divorce. However, affluent couples could have assets including:
- Fine art or jewelry collections
- Gold and other precious metals
- Exclusive real estate properties
- Investment portfolios
- Intellectual property
Some of these assets are volatile in terms of their values; others are unusual and difficult to assess; still, others are highly complex, making them difficult to value and divide.
The public typically has little interest in the average divorce. However, when one or both spouses are highly recognizable due to their public persona or the wealth they have amassed, the interest level rises considerably.
Thus, privacy can be a priority for parties in a high-profile divorce. To keep details about your assets or your personal lives private, consider measures like resolving divorce-related matters outside of court and confidentiality agreements. Staying off social media and having no comment for the media can also help you keep sensitive details under wrap.
Wealth can make some things easier during divorce, but it can create some complications, as well. Understanding your unique situation and the decisions you may need to make can help you better prepare for the road ahead.