Recent Celeb Divorces in NYC
We can always live vicariously through celebrities, even when they divorce. This week,
it was reported that Tom Middleditch of Silicon Valley fame was ordered to pay his ex-
wife more than $2.6 million in their divorce settlement. Not too shabby, considering the
were only married for four years.
Another couple that we vicariously watch to see how the rich and famous navigate
divorce is the ever-media-present Kanye West/Kim Kardashian union. Despite their
appeals that they want to peacefully co-parent their four children as they divorce, the
reality is that they have no direct involvement with each other to “peacefully” do this,
with West suggesting that Kardashian only contact him through his “security.”
Although celebrities are a breed unto themselves, they do have one thing in common
with many New Yorkers, and that is a high net worth that can be particularly problematic
at divorce time.
You Don’t Have to Be a Celebrity to Have a High Net Worth Divorce
High net worth divorces don’t always have to involve high-profile couples. Any couple
that has assets of over a million dollars can be considered a high net worth divorce. And
you don’t have to be a celebrity to appreciate that the greater your material
possessions, the greater your potential problems. This is especially true when it comes
to high net worth divorces, which brings to the forefront the very unique challenges of
these divorces today.
While divorce guidelines were written with the average couple in mind, many high nets
worth couples often spend more in a month than some average couples make in a year.
A high asset couple’s nondiscretionary expenses and necessities usually eclipse those
of couples of average means and the caps for maintenance and child support that
govern most divorcing couples may no longer apply.
Valuing Extensive Assets and Determining “Standard of Living”
Affluent couples often share a multitude of assets, including businesses, real property,
investments, retirement accounts, trusts, artwork, jewelry, and other things of value.
Assets, income streams, and investments may be in a constant state of flux. These
divorces typically also involve a significant amount of marital property that must be
disclosed and valued. Consequently, ending these marriages makes a difficult process
even more complicated, requiring the assistance of forensic accountants, appraisers,
and sometimes even investigators to locate assets to ensure that equitable distribution
can take place.
For high net worth couples, a thorough standard of living analysis must be made. This
provides an in-depth analysis of the money and resources that will be required to
maintain the current standard of living, balancing out the couple’s needs and ensuring
that the children’s needs are met.
Another thing common to high net worth couples is the publicity surrounding their
divorce. While most of us fly under the radar in this arena, a nasty divorce can haunt
high net worth clients for years and maybe even for the rest of their lives. A lawyer who
specializes in high net worth clients will be more adept at minimizing unwanted publicity.
Getting the Assistance of an Experienced High Net Worth Attorney
If you and your spouse are considering a divorce, you may not be a celebrity, but you
still may have substantial assets. It’s critical that you enlist the help of an attorney who
has extensive experience with high asset dissolutions. We can help. Contact us at
Kron Law Firm to schedule a confidential consultation.