You and your spouse have been together for years. You’ve raised a family and built an estate that you planned to pass down to your children when you were both elderly. But then something happened, and it triggered a horrible divorce.
After your divorce, you found that you can no longer work together. You’re in a high asset divorce, and you need help protecting your interests as you go through the legal process. That’s when you turned to an attorney who specializes in high asset divorces.
Now you need to know what a high asset divorce is and what it means for your case.
Keep reading to find out more.
What is a High Asset?
A high asset divorce is when the assets of both parties in a divorce exceed a certain amount. This amount is typically high-value and can include:
- business investments
- real-estate holdings
- business interests
- other areas of wealth
High asset divorces are often complex due to the need to accurately value and divide the assets. This process can be even more challenging when one spouse is less financially cooperative than the other. Another instance is if one spouse has significant control over assets.
Asset division typically entails both sides negotiating a settlement agreement, with proceedings taking place in court if the agreement cannot be reached. A high asset divorce is often more costly and time-consuming due to the complexity of dividing assets.
What are the Challenges of a High Asset Divorce?
A high asset divorce is when the couple has considerable holdings, including cash, property, investments, and other types of wealth. The challenges of a high asset divorce are difficult to manage. It can cause a lot of stress for both parties.
For starters, it is often difficult for the parties to determine accurate asset values. In addition, marital assets may be commingled making it difficult to separate. It is also harder to determine a fair and equitable division of complex assets.
Couples are often required to hire more costly experts and attorneys to help in the process. Lastly, privacy is essential and challenging in high-asset divorces.
Wealthier clients often desire to keep the details of their split more private in order to protect their financial and business interests.
How Does High Asset Divorce is Negotiated?
A high asset divorce is a divorce proceeding that requires an even more complicated situation than a typical divorce. Assets are classified as high assets when the value of the property belonging to one of the spouses is very high.
Negotiating the division of high asset divorces can be complex. In some cases, it can be difficult for the spouses to handle. During a high asset divorce, a professional lawyer should be sought. This is crucial to ensure that the interests of both spouses are represented adequately.
It also shows that the divorce agreement is made in accordance with the laws of the state. High asset divorce negotiation is best left to an uncontested divorce lawyer with experience in these types of cases to ensure that the divorce is both amicable and equitable to all parties involved.
Negotiations can include such issues as the division of real estate and retirement funds, spousal and child support, and alimony and other issues that can arise during the process. Both parties must continue to work together to come to a mutual agreement.
How to Divided the High Assets?
When it comes to a high asset divorce, there are a few important factors to consider. These include:
- the identification of assets
- determination of the value of the assets
- negotiating an appropriate division of the assets
Firstly, it is important to identify all assets, including those that may not be easy to identify, such as businesses, investments, or real estate. Once identified, the value of each asset must be established through the use of appraisals or other valuation methods.
These assets can then be divided via an agreement negotiated between the two parties or via court order. Negotiations can include factors such as:
- tax implications
- funds available for support
Depending on the assets and the couple’s wishes, other considerations may be necessary. Ultimately, the division of assets in a high asset divorce is a complex process that requires extensive knowledge and skill.
When to Hire a Divorce Lawyer?
A high asset divorce can be complicated. It has a difficult process that requires the help of a seasoned divorce lawyer. When going through a high asset divorce, it is important to secure the services of a qualified divorce lawyer.
You need to choose a divorce attorney who is experienced in asset division and understands the complexities of the process. This ensures that all assets are divided equitably and that both parties are fairly represented.
Divorce laws vary from state to state. That is why it is important to research and find a lawyer who is well-versed in the laws that apply to your particular situation.
In addition, an experienced lawyer can provide invaluable guidance throughout the process. They can help you make informed decisions that protect your rights and interests.
It is important to work with a knowledgeable lawyer who has experience in high asset divorces to ensure your rights and assets are protected.
What are the Examples of a High Asset?
A high asset divorce involves a marital estate where both spouses have significant assets, such as property, investments, business interests, retirement accounts, and other large financial holdings.
Examples of a high asset divorce include a situation where the couple has a combined portfolio of cash assets, investments and property valued in excess of $500,000 or when one spouse has assets above that amount even if the other spouse does not.
Additionally, high asset divorces can occur when the two spouses have numerous investments, businesses, properties and/or multiple family trusts that will need to be divided among two households.
Other aspects of high asset divorce can include the division of proceeds from real estate transactions, division of 401k and IRA accounts, immigration assets, division of stock options, division of investments, and division of business interests.
Understanding How High Asset Divorce Works
A high asset divorce will require more complex legal strategies and meticulous attention to detail. Approaching a divorce of this level of complexity and financial value can be daunting, but with the right team of legal professionals protecting your interests, you can successfully navigate the process and reach a satisfactory outcome.
Hire an experienced, qualified attorney to set you up for success.