Divorce rates in the United States are dropping for Millennial couples; however, according to the Wall Street Journal, divorce is becoming more common for seniors, resulting in a rising number of grey divorces. These splits may result in complex divorces due to a long entanglement of finances and shared property, but how do those involved know whether their divorce will be simple or complex?
Complex divorces often occur when the couple shares a high net worth, as is the case with a billionaire New York City real estate mogul and his wife. The New York Times reported that the divorcing couple is in a bitter feud over precious art pieces totaling nearly a billion dollars. This type of divorce can occur when couples cannot agree on who will own shared property once the split is complete. A complex divorce many often include shared family business assets and property, and the complexity of the proceedings may grow more intense once their value is assessed.
Uncontested divorces can take considerably less time to resolve. In this type of split, both parties usually agree not only to the divorce itself but how to divide the assets built during the relationship. An uncontested divorce typically does not involve any child custody or alimony disagreements and there is usually little to no conflict regarding shared property.
Business owners and entrepreneurs often find themselves embroiled in a complex divorce, especially if their companies are thriving. While a valid prenuptial agreement can lower the risk of such a split, there still may be a need for legal representation and assistance.