High Asset Divorce Lawyer Cases
Divorce is a financial and emotional burden that many couples will face in their lifetime. While it’s possible to dissolve a marriage with minor litigation, if you or your spouse are very wealthy, your divorce case may be far more complicated.
Spousal support (alimony) and child support considerations may be different with higher financial success.
When both parents have lucrative jobs, investments or other sources of funds, divorce is typically less about spousal support and more about splitting of assets.
However, if one parent has a much higher income than the other, spousal support can become a contentious topic. The facts of every case are different, and must be evaluated from several different angles.
Child custody can become complicated when one parent makes more money than the other for a simple reason: the more wealthy parent might be able to afford a higher-end lifestyle than the parent with less income. While this is far from a deciding factor in child custody cases, it can become an important one–especially if it involves housing or the overall safety of the child. Child support is based on a complicated calculation set out by Oregon law, however, the lesser income parent can argue for higher child support due reasonable of maintaining similar lifestyles.
A high net worth divorce attorney can help identify assets.
Couples with a high net worth have much more than income to concern themselves over. Here are just some of the assets that need to be assessed during a divorce:
- Is the property in both parties’ names?
- Did both parties contribute to the mortgage or payment for the home?
- Is there any equity currently being used for another asset?
- Business ownership
- Does the couple own the business together?
- Are they both employed by the business?
- Do they have any professional contracts, either verbal or documented?
- International finances
- Are there any international bank accounts or assets?
- Are they subject to different laws (other than those of the US)?
- Are they all documented by an accountant, or do they need to be found?
- Retirement accounts
- Are the accounts owned by both parties, separately, or by one partner only?
- Are the retirement accounts from a source of employment?
This is a very simplified version of the questions that might come up about assets. There are many, many more factors involving what the couple owns jointly and separately, including hidden or undocumented assets that need to be tracked down.
High asset divorce can involve complex financial issues.
The complexity of high net worth divorces doesn’t end with assets. If the couple signed a prenuptial agreement, it needs to be evaluated. In some cases, if the prenup agreement was made when the couple had a lower income, or if the accumulated wealth is far beyond what either could have expected, the prenup agreement may be reassessed by the Court.
Tax-related issues are another factor in wealthy divorces. Outstanding tax bills, liens, or other tax penalties may be difficult to assess if they are in current litigation or dispute.
The issue of debts incurred within the marriage can be difficult to litigate as well. While spouses are typically not responsible for debts before the marriage, any debt incurred while legally married is generally the responsibility of both parties. If the couple is currently declaring bankruptcy, the divorce proceedings can be affected as well.
A high net worth divorce attorney can help manage publicity.
While not typically a problem in most divorce cases, high-profile members of society have to worry about the possible implications of divorce on their public image. A contentious or angry divorce can have an affect on their business and their presence in the community.
A high net worth divorce lawyer is familiar with these potential pitfalls, and can help protect you during your divorce.
Hire an experienced high net worth divorce attorney for your case.
If you’re feeling overwhelmed by your high asset divorce, or you’d like to file papers for a divorce and you’re concerned with the financial details, give Trillium Law, PC, a call today. We can assess your initial case, recommending certain actions or accountants to help your case. Because of the details and complexity of a high net worth divorce, it’s important to have the right high net worth divorce attorney on your side!