Divorce is a difficult process for anyone, but it can be particularly difficult for couples who have a high net worth. These couples have often worked hard and spent many years saving money. It may be that both spouses are professionals or it may be one spouse stayed at home and raised the children and the other spouse worked. In either case, these couples often have complicated investments and assets that will require some skill to divide fairly.
If you are about to file for divorce or your spouse has filed for a divorce you will want to retain an attorney as quickly as possible to help you navigate the issues that affect high net worth couples. For example, have you considered how to value pensions, 401k accounts, IRA accounts, stocks and bonds, or trust accounts? Many people mistakenly believe that these assets will not be considered during a divorce. However, income, trust, retirement accounts, and property can all be potentially divided in a divorce.
Also, child support is not determined by normal state guidelines for couples with high incomes. Dividing a business can be particularly tricky, because of issues with valuation. Depending on the type and size of the business your attorney may need to consult with a CPA or other professional to offer an opinion on the value of the business.
Top 3 Mistakes in a South Dakota High Net Worth Divorce