Many people going through the divorce process do not understand how income disparity between the divorcing parties can affect them. In Pennsylvania, you should consult a high net worth divorce lawyer when the income between you and your soon-to-be former spouse is significantly different.
Avoiding Costly Mistakes
If you are currently going through a divorce in Pennsylvania and your net worth is significantly more or less than that of your spouse, consulting with an attorney trained in high net worth divorce cases is necessary to avoid costly mistakes.
Spousal support and the protection of your assets are the first issues that need to be considered in a high net worth divorce. Tasks like the calculation of spousal support, child support, or alimony are highly complex and often require weighing multiple factors.
Property like primary and secondary homes, pensions, 401(k)s, IRAs, and trust accounts must be addressed in the process of divorce. In addition to the traditional bank accounts you may have, business valuations, artwork, jewelry, deferred compensation, stock options, and even personal injury awards can be subject to asset evaluation in a high net worth divorce.
Common mistakes made by unrepresented parties include lying about assets, agreeing to unfavorable settlement terms, overlooking tax consequences, or undervaluing an asset. All of these can have costly effects.
Speak with a Pennsylvania Family Law Attorney
If you or your spouse have a high net worth or a large disparity in income and are considering divorce, contact the knowledgeable Pennsylvania family law attorneys at Lisa Marie Vari & Associates.
Schedule a no-obligation consultation today by completing the contact form below or by calling our office directly at 1-844-VARI-LAW (827-4529). Let us protect your rights.