Property division is often an issue during a divorce, but when it is a high asset divorce, a lot more may be at stake than just the house or the car. In many marriages, it is not unusual for one spouse to have a higher income than the other. This may seem like a good thing when a couple is happily married, but when it comes time to divorce, the spouse with the higher income may find that their net worth could affect how property and assets are divided.
The following factors can affect property division in a high asset divorce:
- If there is a child, which parent has custody.
- Each spouse's earning capacity.
- Differences in the income of each spouse.
When these factors are considered, depending on what is found, courts may decide that dividing the property and assets evenly is unfair. When this happens, property may be distributed unevenly and the spouse who has the higher net worth may be the one to be awarded a smaller distribution of the property and assets. This can occur despite community property laws that a state may have about property being distributed evenly in divorces. Not only may a spouse find it confusing that they have to share property they thought was nonmarital, they may also find that the judge's decision to distribute things unevenly was unfair.
If you have found that you or your spouse is the high-income earner and you are planning to file for divorce, a high net worth divorce attorney may be able to assist. In certain situations, one spouse may deserve more or less than other and with the help of an attorney, spouses may be able to walk away with a fair portion of their property and assets.