High Net Worth Divorce Tips in Phoenix, AZ

A marriage never starts with the couple thinking they will eventually get a divorce. But between forty and fifty percent of all marriages in the United States end in divorce. Many times, divorce is no one individual’s fault. Sometimes, the marriage just ends.

Regardless of the reason for divorce, it is expensive. Many estimates put the cost of divorce starting in the $10,000 to $20,000 range. And it only goes up from there. The more assets you have, the more expensive your divorce becomes.

Working with a trusted and compassionate Arizona divorce lawyer can provide you the guidance and support you need during this emotional period of your life. The right lawyer can also help you save on costs and make sure you don’t spend more the necessary.

Common Reasons for Divorce

To file for divorce in Arizona, you must have been a resident for at least ninety days. Arizona is also a no-fault divorce state so you do not have to provide a specific reason for your divorce. On your divorce petition, all you must allege is that your divorce is irretrievably broken.

But there are some common reasons a married couple moves forward with divorce. These include:

  • Infidelity
  • Abuse
  • Unrealistic expectations of marriage
  • Lack of preparation
  • Lack of equality in the marriage

Your situation is unique to you. While you may experience one or more of these situations in your marriage, the question of whether divorce is right for your marriage is up to you. You might think what went wrong in your marriage but it’s important to not focus on that but instead what you do next. Deciding on divorce is a difficult decision and one that you should not take lightly but when you have decided, it’s important to work with a seasoned divorce lawyer in Arizona to help you navigate the complex legal process ahead.

Most divorces are not simple, especially divorces involving high net worth couples. Issues needing resolution often include:

  • Parenting time
  • Decision-making authority for children
  • Child support
  • Alimony
  • Division of property
  • Division of assets

You also need to consider time. Once you file for divorce, there are filing deadlines which must be met, including financial disclosures. These documents are complex and require a deep dive into your financial life. The court requires this information to make sure each person is receiving an equitable distribution of marital assets. During this discovery process, we can also determine if your spouse is hiding assets in an effort to reduce what they may have to contribute to the divorce. It’s shady but we have seen it happen many times.

Why High Net Worth Divorces Cost More

As a high net worth individual, you have more property and other assets which require division between you and your spouse. Sometimes, courts must get involved to split your assets, further increasing the cost.

When contemplating divorce as a high net worth individual, speaking with an experienced divorce attorney in Arizona can give you the confidence you need that your divorce will be handled correctly. One of the most important things you need to understand is your finances. If you know what you have as a couple, you know what a fair distribution might look like. Your lawyer will help you with this step.

High net worth divorces may also be more expensive because they are more likely to be contested. When this happens, courts are often involved and that greatly increases attorney fees. This does not mean you should avoid hiring a lawyer. That can be the worst decision you make.

To ensure you receive a fair distribution of your marital assets, evaluating your full net worth is important but takes time. In addition, some assets may not be marital property. When you got married, most of your assets became marital property and anything you acquired during your marriage might also be marital property. But there are some exceptions which your lawyer can help you determine.

Many high net worth divorces also involve international assets. This creates extreme complexities with your divorce, including possible tax ramifications. This requires the keen eye of an experienced Arizona divorce lawyer with a thorough understanding of high net worth divorces and your specific situation.

In high net worth divorces, alimony payments may also be extremely high. Alimony is used to keep the spouse who may not have been the high earner in the marriage in the same or similar living situation they were in during the marriage. But sometimes, a spouse will conceal property, bank accounts, and other assets to reduce their overall net worth. This results in a reduction of the potential alimony they need to pay.

Don’t Rush

Divorce is expensive. You need to make sure divorce is the right decision for your specific situation. Once you determine it is, then you need to make sure you take it seriously.

We often hear clients say they just want to get divorce over with and move on with their lives. We understand this is a complex and emotionally draining process. But if you don’t do it right this time, you may have to go down this road in the future to make sure you have a fair and equitable distribution of your assets.

Rushing divorce can result in making grave financial mistakes. You cannot correct some of these mistakes after we finalize your divorce. We know it’s painful but let us help you protect your rights.

Speak with a Divorce Lawyer

Many people choose to live together before marriage. That can help reduce the likelihood that the couple’s marriage will end in divorce. But it’s not a guarantee. So don’t ignore how you feel and seek out help right away.

When you have made the decision that divorce is the right choice for you, seek out a skilled Arizona divorce lawyer. The right lawyer can help you protect your rights during divorce proceedings to ensure you do not regret rushing through the process.

Contact us online or at 602-252-1968 today. Dedicated. Loyal. Trustworthy. Reliable.

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