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Why high-asset spouses may pay more for divorce than they have to

On Behalf of | Nov 6, 2023 | High-asset Divorce

Divorce often inspires financial challenges. The requirement to divide marital property means that people will lose some of their personal wealth. Additionally, the divorce itself can often be an expensive process.

High-asset individuals have more resources to fight over and may, therefore, discover that the divorce process is more expensive for them. While some of the costs associated with divorce are inevitable, others are variable depending on how people approach the process. Ultimately, there are a few ways in which high-asset individuals may set themselves up to pay more for divorce than they need to give in their circumstances.

They battle with their spouses needlessly

The more conflict people have during divorce, the more expensive the process will typically become. Individuals who require a judge’s input when making decisions about property division, custody and support matters often pay far more for divorce than those who can reach agreements with their spouses outside of court. The more issues couples litigate, the more they will end up paying for divorce.

Their disputes may also generate secondary expenses by necessitating the involvement of outside professionals. They might bring in appraisers to look at their homes or financial experts to review business records. The cost of those services can quickly increase the total expense involved in a high-asset divorce. Fighting over every asset will often mean that divorce is more expensive, and that conflict doesn’t always translate to a more favorable outcome.

They agree to everything without fighting

It is as dangerous to take the opposite approach to divorce negotiations as it is to fight over everything. Some people, possibly out of a sense of guilt or duty, acquiesce to every demand their spouse makes. They commit themselves to more support that lasts longer than a support order the courts would put in place. They agree to a very uneven division of assets and debts, possibly because they want to ensure the comfort of their children. Some high-asset individuals feel a sense of obligation during divorce and may end up doing themselves a real financial disservice by letting their spouse set the majority of the terms for the process.

Recognizing and avoiding common mistakes associated with high-asset divorces may benefit those hoping to diminish the negative financial impact of an upcoming divorce. Seeking legal guidance is a good way to get started.