High asset or high net worth divorces tend to involve far more than just a few million dollars in assets. Typically these assets carry on several forms and are comprised of foreign investments, real estate, business stocks, and more. As you might expect, the sheer complexity and high values involved with these kinds of divorces can make them rather difficult to defend. This is why high asset or high net worth divorces are not recommended if you want to protect your financial interests.
While there are some typical strategies to use when fighting a high net worth divorce, there are also quite a few unconventional approaches you might consider using too. For example, some high net worth divorces result from marriages that end in divorce because of extramarital affairs. The question is, can you win an asset divorce case based on marital misconduct? The answer depends on some factors. In general, if you can show that your spouse had an affair, then you may be able to win the case.
Asset or high net worth divorces can take time to settle. This is because assets are a very large part of any settlement process and often include things like artwork and expensive jewelry. Therefore, unless you can retain all of your assets as part of the settlement, you might have to wait a long time before you get the full value of what you are owed. Fortunately, several high asset divorce lawyers can help you with these kinds of cases.
It is also important to remember that marital property is not always immune from divorce proceedings. A judge can order both parties to return all marital property and pay off all debts at one time. If you have many high net worth assets like bank accounts or retirement accounts, this could lead to substantial tax problems for you. Divorce can also affect the distribution of your retirement pension or other retirement benefits. Therefore, if you own large amounts of bank accounts, it’s especially important to hire high asset divorce lawyers.
Another factor to consider is spousal support. Most states require that a marital property settlement award be based on “equitable division.” This means that each party gets to split the amount of marital property equally. However, depending on your state, certain circumstances may prevent this from being the case.
For example, in some states, if one party receives more income than another, then the income is considered more valuable. This can result in the awarding of more marital property and/or more spousal support. If this is the case, it is critical to hire a divorce and financial attorney to help with the preparation of your tax returns. Your lawyer can help you determine which tax brackets you will be in as well as the amounts of income and other assets that you may have. He can also make sure that any debt accounts are included in the marital assets, thus saving you money from having to repay them.
If you have other business assets that you are splitting with your spouse, your lawyer can assist you in determining which accounts are marital and which are business assets. By doing so, you may be able to exclude these accounts from joint ownership. Again, your lawyer can give you advice on this issue so you never lose any of your business assets during your divorce proceedings.
You must have experienced high assets divorce lawyer on your side. It can be difficult to sort through the mess that marital assets and business assets create. High asset divorce can end up creating a lot of unnecessary fights and division of assets that the couple should have been able to resolve without the added complications. An experienced divorce and financial attorney can help you sort out all of the details so that the outcome is both fair for you and your spouse.
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