What You Need to Know About Complex, High-Asset Divorce
Divorce is difficult, even under ideal, amicable circumstances. However, when you and/or your spouse have significant assets, the divorce process can be even more complex and tedious. High-asset couples who are planning on divorcing need to seek the advice of an experienced divorce lawyer to ensure that their unique issues are accounted for and that their rights are protected at every stage of the journey. The team at the Law Offices Of Cara L. Santosuosso, LLC in Ohio are here to help, with tried and tested expertise and unwavering dedication to clients.
What Is A High-Asset Divorce?
Sometimes also referred to as a high-net-worth divorce, a high-asset divorce typically involves a couple with joint liquid assets–cash, bank accounts, stocks and bonds, etc.– that total over a million dollars, but that is only part of the picture. What are some assets that could potentially be involved in a divorce? These can include:
- Real estate
- Retirement accounts
- Financial investments
- Closely held businesses
- Jewelry
- Vehicles and boats
- Business and professional practice assets
- Intellectual property
- Valuable art and collectibles
- Digital assets
- Offshore accounts
- Life insurance policies
Once the assets involved have been determined, an up-to-date valuation will be done to determine fair division. If one or both parties have a collection of these high-value assets, and especially if they have been commingled over time, division could be very complex and will likely require the help of a financial expert in addition to a collaborative divorce lawyer in order to come to a fair outcome.
What Is Involved In A High-Asset Divorce?
Once asset valuation has been completed, issues like spousal support, complex tax concerns, and potentially hidden assets will also need to be addressed. Spousal support is key, because a couple with means is used to a certain standard of living, and they will generally expect to enjoy a similar situation post-divorce. With an experienced divorce attorney and advocate on your side, you can be sure that all relevant factors will be considered and that a fair and equitable decision will be made in any spousal support decisions.
If assets are predominantly owned or earned by one spouse, the situation can be lopsided from the outset. There may also be a risk of there being hidden assets that need to be uncovered through the formal discovery process. If couples have significant wealth shared between them, dividing property or business interests or selling assets could trigger serious tax consequences. Consulting with both a financial professional and an experienced divorce attorney will help to mitigate negative outcomes. Marital assets can be many and varied, and it takes a consummate legal professional to be able to untangle each individual’s interests in shared property.
Business interests, international issues, and child support concerns are also worries that high-asset, divorcing spouses may face. A professional business valuation will be necessary in order to determine the value of the business. What if the business was formed or contributed to during the marriage? Then in most cases the business will be deemed as joint marital property. Working with a collaborative divorce lawyer will ensure that both parties are treated fairly in an equitable distribution of assets. International complications, resulting from foreign investments or owned property and other assets, will bring up tax concerns and are best handled by both a legal and financial professional. Child support arrangements will ensure that any children are well cared for and that their welfare and future are not compromised.
Financial privacy is also a top concern for many high-asset couples who seek divorce. For them, alternatives to a court trial, such as collaborative divorce, mediation, or alternative dispute resolution (ADR) may be a better option than the traditional divorce route. These more private, outside-of-court methods of ending a marriage can keep financial and personal details private and out of the public eye. Depending on the individuals in question, that could be a serious concern.
Consult With A Collaborative Divorce Lawyer In Cleveland
When a couple is navigating a high-asset divorce, seeking out experienced legal counsel is essential. A divorce lawyer can assist couples in accurate asset valuation, and they have the necessary connections with financial professionals who can step in and help when issues arise or complexity builds. In cases where situations can easily become contentious, a collaborative divorce attorney uses their well-honed negotiation skills to help clients avoid a court battle. All the while, no matter how complex the divorce may be, clients can rest assured that their welfare, rights, and future security are preserved and protected. For a true advocate for your high-asset divorce, rely on the experts at the Law Offices Of Cara L. Santosuosso, LLC, your local divorce attorney in Cleveland, Ohio.
Ending a marriage can be painful and complex, but with a solid advocate on your side, you can achieve the best outcome possible. One way to preemptively avoid unnecessary complications is to enter into a prenuptial or postnuptial agreement, so that both parties know what to expect in the event of divorce. Reach out and contact us today to learn more about our suite of services, or schedule your consultation online.