Divorce is a difficult time for many couples and their families. The process is made more stressful when it drags on for many months with countless court dates. High net worth divorces tend to stretch on for a while because of the complexities and difficulty dividing property and assets. There are many ways for people to amass a high net worth, but it’s usually the result of years of hard work and good financial planning. Couples who have lived their lives making smart financial choices and saving their resources have a lot on the line during a divorce.
High Net Worth Divorces are Complicated by an Abundance of Assets
An example of the complexities of high-net-worth divorce can be found in entertainment news almost daily. Recently, American Idol alum, Kelly Clarkson, was ordered to pay close to $200,000 per month to her estranged husband, Brandon Blackstock. While the order is scheduled as short-term spousal and child support, the couple was originally in court arguing over real estate holding Ms. Clarkson was attempting to sell.
It is speculated that one of the reasons behind the financial support payments to Mr. Blackstock has much to do with her husband’s lack of employment. He was once a manager of stars like Ms. Clarkson and Blake Shelton, but he quit the music industry to start a ranch in his adopted home state of Montana. The court documents said that Mr. Blackstock made a deliberate choice to become unemployed. Ms. Clarkson was before the court requesting permission to sell the ranch in Montana. They have already listed a home in Encino and one in Tennessee. Court documents say that while Ms. Clarkson can’t sell the house in Montana, her estranged husband will be responsible for making the payment and carrying all of the expenses associated with the property once the divorce is finalized. The cost of keeping the ranch is over $80,000 per month. In total, Kelly Clarkson was ordered to pay her husband $150,000 in support and $45,601 in child support.
Why You Need a High Asset Divorce Lawyer
Asset division is complicated in a high net worth divorce because it has multiple areas of concern. Other issues include prenuptial or postnuptial agreements that must be reviewed because they will come into play during the property division process. Issues like hidden assets could require forensic accountants and investigators to resolve. Your attorney can work on your behalf to discover what’s being hidden and if it’s large sums or lucrative properties. With so many areas of concern, a high asset divorce can quickly become untenable for attorneys without experience handling such a complex case.
High asset divorces can include:
- Cash and liquid assets
- Retirement accounts and pensions
- Vacation property
- Investment properties
- Real Estate investments
- Small businesses
- Family residences
- Inherited property
Even in a high net worth divorce, the end desire is the same. Each party wants to walk away from the relationship with a fair share of the marital assets. Agreeing on what is fair is where the divorce can go off the rails. At The Law Offices of Mark R. Hinshaw, PLC, we can help you develop a strategy for your Iowa high net worth divorce. Our attorneys can discuss the details of your divorce case during a consultation today.Call Call us today at (515) 200-7571 to schedule an appointment.