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Points to ponder during a high asset divorce

It’s been our experience here at the offices of Epperson Law that no two divorces are the same. While each one brings with it a bevy of similar emotions and circumstances, the source and scope of every couples’ issues is different. Throw into that mix the issue of high-net worth, and things can potentially get even more explosive. In this post, we’ll examine the points that one must consider when going through a divorce involving high asset disbursements.

In defining accredited investors, The U.S. Securities and Exchange Commission lists net worth as one of their criteria. Per their definition, a high net worth individual is one with assets in excess of $1 million. These can be either individual or joint assets shared with a spouse. During divorce, the division of those assets is often hotly-contested.

Due to the high levels of emotions that are often present in these proceedings, participants are encouraged to give thoughtful consideration to the following points in order to not open themselves up to an unfair final settlement:

  •          Don’t allow emotion to influence decisions. While this can be difficult, one should remember that the outcome of these proceedings will serious impact his or her financial future.
  •          Listen only to counsel. Everyone’s heard stories about outrageous settlements in the past. Yet just because friends and family may be citing those stories as being applicable to one’s current case does not mean it should overrule the advice of his or her lawyer.
  •          Consider the tax implications. Settlements and alimony payments carry with them tax burdens. One should speak with a tax professional before agreeing to any distribution amount in order to avoid the potentially of hefty tax penalty.

For more information on the issues surrounding a high asset divorce, visit our Divorce page.  

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