How to divorce a wealthy spouse when you have few assets

When there is a great disparity between the individual wealth of the spouses in a high asset divorce, the marital assets and resources can become symbolic of the failure of the marriage.

When this happens, sometimes one spouse will unreasonably try to tie up a divorce in order to exact a kind of revenge on the other. Former partners can get hopelessly bogged down haggling over wine collections or antique cars and running up their respective attorneys’ bills.

Mediation may be helpful when trying to reach accord on some sticking point in a high asset divorce. One thing that is important to consider when there are children involved is that it can foster confusion and resentment in the kids when one parent has a vastly different lifestyle than the other post-divorce.

When one parent earns a great deal of money or comes from a background of wealth but the other parent has few resources, children shuttling back and forth between the two may struggle with living two very different lifestyles.

Ensuring that the less well-heeled spouse does not end up penurious is often the best solution for all concerned. This doesn’t mean that the parents will have the same amount of wealth, but will provide the minor children with all that they need to live comfortably in both households.

If you have concerns over the financial settlement in your pending divorce because your soon-to-be ex-spouse is independently wealthy, retaining a family law attorney who is very familiar with asset valuation and complex property division is a good move to make.

Source: bankrate, “High cost of a rich divorce,” judy Martel, accessed June 17, 2016

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