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The many complications faced by affluent couples during divorce

The experiences of affluent couples going through divorce are in many ways similar, yet in many ways unlike, those of a typical middle-class couple.

As you can imagine, a greater the assets at stake, the greater the complications. After all, who gets what?

Then the subject of child and spousal support must be addressed.

How much does the non-monied spouse deserve? How much can the monied spouse afford?

Moreover, what will the payment responsibilities be for such diverse expenses as a child’s living costs, pre-college education, social budget, and ultimately college and/or graduate school tuition.

Array of assets and expenses

High-asset divorce requires a deeper dive into all things related to marriage, especially the financial aspects. Among those issues include:

  • Complicated assets: This list may include stock options, real estate partnerships and assets within a trust. Married business owners going through a divorce also face challenges on how to deal with the company. Sell or buy out the interest of your estranged spouse?
  • Child support: Raising a child often is expensive. It is no different for affluent couples who can afford to pay for more. Considerations include private school, expensive tutoring, camps, nanny expenses and private college tuition, which, by itself, may annually cost in excess of $60,000.
  • Spousal support/alimony: In some marriages involving affluent couples, one spouse may have given up his or her career to care for the home and children. You want to ensure that you secure the alimony you deserve to continue with that current lifestyle.
  • Valuable collections: Affluent couples may have vast and expensive collections of fine art, jewelry, wine, luxury and rare cars, antiques and sports memorabilia. Each of these collections gets scrutiny when dividing assets in a divorce.

Protecting your financial interests is critical in divorce matters. And this includes every piece of marital property.

If you have questions related to divorce, or find that your divorce has been further complicated due to your, or your spouse’s, high net worth, contact Bashian P.C.

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