Spouses often accumulate valuable assets over the course of their marriage such as expensive homes, luxury motor vehicles, unusual collections, stocks and bonds, and business enterprises. When it comes time to divorce, a fair and equitable division of this property often becomes an issue.
A substantial amount of debt can also emerge from marriage and will have to be resolved when the relationship ends. In a high asset divorce, if you are the non-moneyed party in the marriage, you need to be protected as much as the person considered as the “moneyed” partner. The attorney you choose can make all the difference in how each spouse fares financially. This can be the long-term cost of a divorce if close attention is not paid to what is going on.
For example, suppose the couple has a closely-held business that could be more valuable to the parties as an ongoing concern rather than if it were liquidated. One party may want to “buy out” the other party’s business interest. The current value of the business would have to be determined and this could be a complex process. These kinds of evaluations are often reduced to “a battle of the experts” as both sides present their case coordinating with an expert to weaken the persuasiveness of an opposing expert.
Some Situations That May Arise with Dividing Assets
There can be significant tax consequences and losses as well when these types of situations arise. Other types of dilemmas that can become part of the proceedings are:
- Hidden assets that are difficult to find or evaluate and may take considerable expertise and hard work to uncover.
- Ownership of multiple residences especially ones located in different states or countries.
- Considerable assets in retirement accounts or stock options.
- There are minor children or other heirs to consider.
- The financial holdings or history of the parties are so complex that detailed forensic research or tracing is required to determine both the extent of property as well as the character (marital or separate property).
- Assets or investment interests which are owned and/or located interstate or internationally.
- Significant financial spousal support or risk exposure exists for either party.
- The tax implications of alternative property and debt distribution scenarios must be assessed and made known.
- One or both parties may engage in combative and extensive discovery, negotiation, mediation, and/or litigation.
What Type of Attorney Do You Need in Cases Like This?
Your attorney must be as comfortable in the boardroom as he is in the courtroom and will bring to the table his or her experience in reading financial statements, obtaining useful expert reports, and cross-examining financial experts.
The attorney in these cases must be able to spot a wide variety of legal, financial, accounting, and tax-related issues relative to business entities and ownership, real estate, art and other collections, employee contract, and benefit plans, and other types of properties and interests.
The many years of experience Slater & Zurz LLP divorce attorneys have with high net worth divorces have made them the type of attorney you need. They will help you get the results you deserve in these important matters. Call 1-888-534-4850 for a free consultation about your high net worth divorce or go to the law firm’s website at slaterzurz.com and chat with a representative or send a message to Slater & Zurz LLP about your case.