Considerations when divorcing a wealthy spouse

 Posted on October 12,2021 in Divorce

If you have a spouse who was wealthy prior to your marriage and would like to divorce them, you may find yourself in a unique position. In some ways, divorcing can be beneficial for you. You can leave a relationship that is not working for you. You have the option of fighting for a share of your marital assets, too.

At the same time, divorcing someone who is financially well-off can be difficult. They have the money to take you to court and to use the best attorneys and support that they can afford. You may not be in that same position.

What can you do to level the playing field?

If you’re divorcing someone who has the money to make your life difficult, you should carefully consider if you can negotiate with them to avoid conflict. If you rely on your spouse for an income, it’s equally important to make sure you work out your budget in advance and ask for what you need knowing your limits.

Divorcing a wealthy spouse may feel like it will ruin you because you’ll lose financial support at the same time when you need money to fight your case. Remember that a divorce doesn’t necessarily have to have conflict. If you and your spouse can respect each other, you may be able to work out the division of your assets and other terms without negatively impacting your financial situation.

Should you litigate if your spouse has more money than you?

Money doesn’t buy the court, but someone in conflict with you can make life more difficult for you by dragging out the divorce and spending all the necessary money to do so. That doesn’t mean that you shouldn’t litigate if there is a good reason to do so, such as if you’ve caught your spouse hiding assets or have no way to resolve a property division conflict.

It can be tough to be in this position, but good guidance makes a difference. Get to know your rights, so that you can negotiate with your spouse or take them to court if the need arises.