Divorces are always complex process. It can take a highly emotional toll on both parties involved and cause financial stresses. It may become even more complicated when couples are unable to agree on the terms of their divorce when owning multiple high-value assets.
High asset divorces cases are not as simple as may seem, the more assets to divide between the two parties, the more there is to gain or potentially lose. Divorce itself can be a hard process on its own, so this kind of separation between individuals with an equally high net-worth can be quite difficult.
Whether or not the divorce is considered a high asset case or not, will include the following factors:
- Child custody
- Child support
- Marital property division
- Consideration of finances
A complex financial network is one of the most substantial components of a high asset divorce. Financial documents should be protected prior to the start of the divorce process so that during the process of divorce, locating the financial documents will not be an issue and all belongings can be equally divided between the two parties. Elongated settlements may be the result of not properly locating all assets and the amount of the assets.
- Difference Between Separate VS. Community Assets
There are different kinds of assets, separate and community assets. Separate assets are non-marital property that solely belong to the individual itself. Examples of separate assets include property acquired in the name of the spouse, gifts the spouse received prior to the marriage, property owned by the spouse prior to marriage, etc.
Community assets, also known as marital assets, are essentially defined as assets acquired during the marriage itself. However, a prenuptial agreement may have exceptions to the following. This is why it is so important for both parties to have proper documentation prior to beginning the process of divorce due to the fact that it will differentiate the separate and community assets, and overall relieve any potential complications.
- Contested Divorce
Couples with a higher net-worth are more likely to contest community assets as it decided what assets they will each receive from a dissolution proceeding. In cases where the assets received are higher in monetary value that the cost of the divorce itself, the marital dissolution is more likely to be contested.
In order to determine the value and worth of an asset, valuation appraisers will be needed in order to professionally overlook and locate the assets. This will be another financial aspect for both spouses to consider prior to beginning the process of divorce.
- International Assets
In many cases, couples with a high net-worth typically have various assets in various forms and sometimes can be found in outside countries or within different states. The assets located out of state or country require expert attention as their value is often times very high.
- Maintenance Payments Between Spouses
In the cases where estates are large, spousal maintenance may become far more complex within a high asset divorce. In these cases, it is important to reveal the financial situations of both spouses. This can be a quite strenuous as some partners may hide some aspects of their finances from their partner including property, assets, bank account information, etc.
A high asset divorce attorney understands the complexities of the case and will ensure the best interests of their client in order to not only protect their rights and future, but to truly support the client in their particular case.
It is advisable to seek legal guidance from our office today as we strive to help guide you with your specific case.
Attorney Ramona Kennedy cares about your case and will fight for you.
You can contact attorney Ramona Kennedy Law Offices (Kennedy Law LC) for an initial consultation and case evaluation. The first consultation is free of charge.
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