Divorce is often a painful and challenging process, but certain complicating factors can make divorce even more complex. One significant factor is the amount of money or assets involved. To successfully complete a high-asset divorce, additional preparation and expert support from an experienced attorney may be needed.
Read on to learn more about how a high-asset divorce works and a few tips to follow to adequately prepare for the process.
What Is High-Asset Divorce?
A high-asset divorce is between two individuals with a high net worth. This divorce scenario usually involves complex valuable assets such as property, stock options, businesses, and cash. Because there may be additional considerations in a high-asset divorce, it is important to contact an experienced divorce attorney.
During a high-asset divorce, legal teams must determine the value of all of the assets involved and determine how these assets should be divided. They must also determine and locate all of the existing assets held by either party.
Things To Know About High-Asset Divorce
The divorce process can be stressful regardless of what assets are held by the spouses. High-asset divorce is not necessarily more complicated than a regular divorce, but there may be additional considerations.
High-Asset Divorce May Require More Time
It is possible that attorneys will need additional time in the early stages of proceedings to gather information on all assets involved through a process called discovery. After both parties exchange discovery information, it will be closely analyzed by the attorneys. Each individual’s financial data has to be fully examined, including every bank account, piece of property, stock holding, and business interest. This type of analysis occurs in most divorces, but can take longer depending on the amount of data.
Like any divorce, if the parties can reach agreements outside of the courtroom via mediation or attorney settlement efforts, even a high-asset divorce will likely conclude faster than cases that go to trial.
High-asset divorces frequently result in large sums of money moving around which can implicate complex tax issues. If liquidating assets or selling real estate, a capital gains tax may be assessed.
It is important that individuals involved in a high-asset divorce contact a tax expert to understand the potential implications of a divorce settlement or court order.
A high asset divorce may require a tax expert, a forensic accountant, or a financial neutral. These individuals will assist the legal team in determining assets, tax consequences, and finding an equitable outcome.
Hire a Talented Attorney
With all these factors in mind, it’s vital to hire an experienced attorney for a high-asset divorce. A talented divorce attorney will have excellent negotiation skills and know how to navigate a state’s divorce laws. They will also know prominent financial experts in the field if your case requires an expert.
A qualified lawyer will likely ask detailed questions about the assets involved and have an in-depth knowledge of how the state approaches issues such as property ownership, inheritance, and liquid funds.
The attorneys at M. Sue Wilson Law Offices have extensive experience in high-asset divorce cases. We work closely with clients to understand their situations and advocate for their needs and priorities while exercising sensitivity and discretion during challenging times.
If representation is needed for a high-asset divorce, don’t hesitate to contact M. Sue Wilson Law Offices today to arrange a consultation.