Marriage may be a simple legal process, but divorce is not. Like Americans everywhere, Pennsylvanians understand that divorce can be agonizingly complex both emotionally and financially. When considerable assets and property are at stake, tensions can be even higher for divorcing couples. In these cases, both parties are far better off if they fully understand their finances so they can make sure they get their fair share in their divorce settlement.
We understand that a high asset divorce can be complicated and challenging for even the most financially savvy client. High asset divorces typically involve assets that require detailed and accurate valuations. All property and assets must also be identified as marital or non-marital property. Because spouses who did not handle the family finances during the marriage may find themselves at a disadvantage in these proceedings, an independent appraiser without ties to either party can often help determine the value of businesses, retirement plans, offshore accounts and other assets.
Spouses who gave up careers to raise children may be entitled to spousal support. Typically, the higher-earning spouse will be required to pay support to the spouse who earned less or for whom parenting was a full-time job. How long support lasts depends on the length of marriage.
If there is a prenuptial agreement, one party may challenge it as being unfair or on the grounds they signed it without full financial disclosure by the other party. The court will then have to determine whether the agreement is enforceable.
Spouses who are interested in learning more about high-asset divorces and the legal and financial issues involved may find a visit to our website worthwhile.