Everything You Need To Know About High Net Worth Divorce
Divorce happens for a variety of reasons at any stage in marriage. Many questions surround those involved during a divorce. When it comes to high net worth divorce, known as a divorce with net liquid assets of approximately $1,000,000 or more, it’s no different.
Find a Lawyer
When you initially said those “I Dos” a divorce was far from mind, which is why you’re probably scrambling with what to do. Finding an attorney who understands your high net worth assets, needs, and situation can assist in being a calm mind through hectic times. Reaching out to a lawyer with experience helps you start the process properly Know that there is no magic number of days you have to respond to a petition for dissolution, unlike a normal lawsuit where deadlines are present. Of course, the sooner you contact an attorney, the better your outcome will likely be.
Assess the Assets
The next step is going over the assets available between the couple. Assets include real property, cars, artwork, furniture, jewelry, investment accounts, 401(k)s, life insurance as well as any other personal property and valuable assets. Sometimes clients are asked to consider assets they may have forgotten or are even unknown to them. Your attorney will verify assets through a process called discovery.
Creating the Divide
Understanding Indiana divorce laws regarding property is essential when dealing with a high net worth divorce. If there is no prenuptial or postnuptial then an attempt is first made to divide property equally, fairly or “just and reasonable” — in Indiana, there is a presumption that the estate is split 50/50. The court decides what is fair and best determined by all factors. A high net worth attorney will be able to help you evaluate whether it is advisable to argue for another division of the marital estate based on your specific case.
Indiana’s “Cooling Off Period”
In Indiana, no court will order the dissolution of marriage unless at least sixty (60) days have passed. This “cooling off period” allows the parties to be sure that the dissolution is in fact what the parties want. During and after this time the parties will engage in discovery, potential mediation and maybe other negotiations to attempt to settle the matter outside of court. If the parties are unable to do so, then a final hearing will be scheduled.
When minor Children are Involved
In addition to determining the distribution of your property, your minor children’s best interests will be paramount to the Court. Who will make life decisions for the children, where will they live most of the time, who will pay child support and how much are all considerations that your attorney will walk you through during the divorce process. In determining child support, there are four major things the courts look at to determine the amount: income, health insurance, child care, and overnight parenting time. Once those key factors can be assessed an amount of child support can also be calculated. An experienced attorney can help you determine and negotiate parenting time and child support in the best interest of you and your children.
Protect your children and assets by calling our Webster Legal team today; we are your experienced Indiana divorce lawyers. 317-565-1818.