Divorce is difficult, even under the best circumstances, however complications increase exponentially when one or both parties to the divorce have a high level of assets or income. If this is the situation in your own divorce, it may be even more crucial to have a divorce attorney who is highly trained in complex taxation, property distribution and support obligations in high net worth divorces. The attorneys at The Family Law Place have the necessary experience and background to successfully represent those involved in a high net worth divorce.
We understand that the involved parties in a high net worth divorce may share accounts, investments, business assets, multiple high-worth properties or other high-value assets. You need an attorney who can carefully consider which assets must be separated, which are marital and non-marital and what the appropriate value for each of those assets truly is. Our skilled attorneys can handle all those tasks for you. We will advocate for your best interests, formulating the most effective strategies for your individual situation.
Common Issues Associated with a High Net Worth Divorce
There are a number of issues which are common in high net worth divorces such as:
- The future earning capacity of you and your spouse which takes into consideration professional licenses or degrees which were acquired during your marriage. This determination of future earning capacity is crucial in the determination of potential spousal support.
- The valuation of business assets, particularly in cases where one spouse is part of a family-owned business, or one spouse has a medical or legal practice.
- Corporate benefits, including deferred compensations and stock options must be assessed, with a resulting realistic division of those benefits. Likewise, retirement funds, pensions, 401(k) accounts and IRA’s must be assessed and divided.
- Complex tax issues must be addressed in order to avoid tax problems after the divorce.
- Any assets held in trust for either spouse must be valued and divided.
- Art collections, expensive furnishings or jewelry, vacation properties, country club or other club memberships, and timeshares must undergo valuation and division.
- Any terms of prenuptial or postnuptial agreements must be evaluated and legally adhered to.
Real estate, stocks and bonds must all be carefully valuated, transferred when appropriate, and equitably divided.
If one spouse is believed to be hiding assets from the other, then those assets must be located prior to valuation and division.
The Family Law Place attorneys have experience in all issues surrounding high net worth divorce. We will do our best to assure you (and your children, when applicable) are allowed to maintain your current lifestyle following your divorce. We can offer capable forensic accounting if you believe your spouse is hiding assets through offshore accounts or “giving” assets with considerable worth to family or friends. If it becomes necessary to dissolve a business in order to ensure an equitable division of assets, The Law Place attorneys have experience in such matters. Our attorneys can ensure the realistic valuation of artwork and jewelry as well as realistic appraisals for all marital property. Unfortunately, the higher the net worth, the more vigorously married couples may attempt to obtain what they believe is their fair share. Our attorneys can help determine just what that fair share really is, then assist you in an equitable outcome.