What Makes a Divorce High Income?

A family is considered high-income if their household income exceeds $548,000 per year, placing them in the top 1% of earners, or if the combined value of their separate and marital property exceeds one million dollars.

You might have delayed the breakup of your marriage for many years by distracting yourself from your marital problems by watching content designed to make you envy the wealthy, whether it is fashion influencers showing off clothes you can never afford or travel vloggers visiting places you cannot afford to travel to. If you are honest with yourself, your desire for a more upscale lifestyle may have even contributed to the breakdown of your marriage. Now that you have filed for divorce, though, your divorce lawyer is telling you that yours is a high net worth divorce, even though you do not feel rich. A Murfreesboro divorce lawyer can help you get a fair share of the marital property, even though divorce is more complicated when, in response to your children’s question about whether you are rich or poor, you euphemistically say that you are “comfortable.”

You Do Not Feel Like a Millionaire, But Your Property Taxes Say You Are

“High income” is a relative term, and the court entitles both spouses to a fair share of their marital property, no matter how much or little property they have. Most couples do not have to find out what the court thinks is fair, because they are able to finalize their divorces without going to trial. This is even more likely with affluent couples because they can afford to pay divorce lawyers to be meticulous about financial disclosures, property division settlements, and parenting plans during mediation. They are also more likely to engage in collaborative divorce, where they work out all of these details before they even go to court, so mediation is not even necessary.

Equitable division laws attempt to make the fairest division possible after a long-term marriage. After a short-term marriage, the goal is to return each spouse’s financial circumstances to where they would be if the marriage had never happened.

What Makes High Asset Divorce So Complicated?

The more property you own, the more you have to fight about. Wealthy couples can disagree about the value of assets, such as stock market investments and business ownership interests.  They can also disagree about children’s expenses. The majority of people do not have to worry about private school tuition, overnight summer camps, and equestrian lessons. It is also easier for wealthy spouses to conceal assets, and it sometimes requires an extensive investigation to figure out the value of the marital property.

Contact an Experienced Murfreesboro Divorce Lawyer

A family law attorney can help you get a fair share of your substantial marital estate in divorce. Contact David L. Scott in Murfreesboro, Tennessee, or call (615)896-7656 to set up a consultation.