As you amass property and money through your marriage, a divorce may become that much more challenging to go through. Separating money during divorce becomes trickier when there is more on the line.
A High-Net worth divorce may become contentious if you and your spouse go into the process without some basic information. Become familiar with a few factors that may impact your divorce.
Do you know how the state will divide things?
Colorado is not an equal share state; rather, the court will divide things fairly or equitably. Fair to the court may not feel that way to you or your spouse. The court considers many elements when deciding how to divide property, including:
- Who has more separate property
- The earning power of each spouse
- Whether a spouse left the workforce to rear children
- The terms of a prenuptial agreement
Can you move money?
The answer is always a resounding no. Even if you do not intend to hide money when you move it, the court may perceive it as such. Trying to stash assets, so they stay out of the hands of a spouse is a criminal act.
Is spousal support a factor?
Your higher net worth could mean that you or your spouse may have to pay spousal support or alimony. The purpose of spousal support is to help bring the lesser earner more equal for a time. The payments have nothing to do with child support calculation or payments. In High-Net worth divorces, the court arrives at a payment amount outside the standard calculator cited in the statutes.
The more assets you have when your marriage ends, the higher the divorce stakes. You may want to speak with someone with experience dealing with similar proceedings to learn more about what to expect.