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If you’ve accumulated a large amount of assets during your marriage and are headed for a breakup, you are likely facing a high-net-worth divorce. This term generally refers to divorces involving assets of more than $1 million, which can include business interests, real estate, investment portfolios, retirement accounts and luxury items. Because the stakes are higher and the assets more complex, there are special challenges raised concerning division of property and determination of spousal maintenance.

In Indiana, property acquired by spouses during marriage is, with some exceptions, subject to equitable distribution. That means it is divided fairly but not always equally. One of the primary issues in a high-net-worth divorce is that certain asset types may not lend themselves to simple division. If there is a business interest held by you or your spouse, decisions must be made about whether to sell it and divide its value or to negotiate a buy-out. Your real estate holdings might include multiple properties in different locations, each with its own market conditions and tax considerations. These issues often necessitate the involvement of financial experts, such as forensic accountants and valuation specialists.

Another area of contention may be what constitutes marital property versus separate property, the latter of which is not divisible. You or your spouse may have held assets before the marriage that were never merged into common ownership. Either of you may have received an individual inheritance or gift during your marriage, which is usually considered separate property. You might also face issues with hidden assets or attempts by one party to undervalue or conceal certain holdings. 

Spousal maintenance, informally known as alimony, is another frequent point of dispute. If there is a significant disparity in income or earning potential, the lower-earning spouse may be entitled to significant assistance in maintaining the standard of living enjoyed during the marriage. Courts consider a variety of factors when determining spousal maintenance, including the length of the marriage, your standard of living and each spouse’s future income prospects. In some cases, a lump-sum payment might be considered, while in others, ongoing support is necessary. Negotiating these terms to reach a settlement can be both complicated and emotionally charged.

When it comes to resolving these contested issues, you have several options available to avoid litigation, which can be both time-consuming and costly. Many couples find that mediation or collaborative divorce approaches can help them reach an amicable agreement without the stress and expense of a full courtroom battle. Arbitration is another alternative, where a neutral third party makes decisions that are legally binding, potentially speeding up the resolution process. 

The firm of Shilts & Setlak, LLC in Fort Wayne, Indiana is well-versed in the intricacies of high net worth divorce cases and can provide the legal support and strategic advice you need to protect your financial interests. Call us at 260-999-5867 or contact us online for a consultation.