More Money, More Problems
High-asset divorce is a term used to describe the legal process of dissolving a marriage when one or both spouses have a high net worth. Unlike other types of divorce, high-asset divorces involve unique issues that must be addressed to protect the couple's wealth and assets. Continue reading to learn how high-asset divorce differs from a more "traditional" divorce.
Similarities to Traditional Divorce
High-asset divorce shares many issues common to more "traditional" divorces. Some of the most critical problems in high-asset divorces include how to divide marital property fairly, handle spousal support payments, and ensure that both parties receive what they are entitled to.
What Makes High-Asset Divorce Different
The key difference between a high-asset divorce and other divorces is the number and value of assets present in the case. High-asset divorce involves complicated asset valuation and the determination of legal ownership. Assets may include the following:
Other items with high financial value
It is important to note that assets subject to division can also include intangible assets such as retirement accounts (401ks or IRAs), stock options, deferred compensation, and other items.
In addition to asset valuation, high-asset divorce often involves more complex settlement negotiations. This is because it is increasingly more work to divide the wealth in a way that fairly compensates both parties. Legal teams must also be aware of how tax laws might affect the distribution of assets. It is not unusual for high-asset divorces to involve multiple legal teams and subject matter experts, including tax attorneys and financial advisors.
Work with a High-Asset Divorce Attorney
If you are preparing for a high-asset divorce, it is important to seek legal counsel from an experienced family law attorney who can help you navigate these complex waters and protect your interests. At Verner Brumley Mueller Parker, our team is committed to helping people navigate even the most complex high-asset divorce cases. We will fight for your rights and help you achieve the best possible outcome.
Learn more about how we can help with a high-asset divorce or schedule a consultation with our team by calling (214) 225-6766 or visiting us online.