The financials of a divorce can be extremely complex, especially if one party has high net worth assets. Valuable assets may include real estate, business interests, stocks, trusts, or inheritance. Additionally, in some high-value divorce cases, it may be common for one spouse to hide assets from the other.
A Glastonbury high asset divorce lawyer could assist you throughout court proceedings to ensure the protection of your property rights. You may be facing many financial considerations. A skilled attorney could help you work through these decisions and maximize your assets after a divorce.
According to state law, couples who divorce must adhere to equitable distribution. This means that assets owned by divorcing spouses must be divided between them fairly, although this does not mean necessarily an equal division. If a high net worth couple is divorcing and cannot agree on how to divide their assets, a court may intervene. In doing so, state law requires a court to consider the following factors:
State courts have substantial discretion when it comes to equitable distribution. For example, state family courts may not make a significant distinction between marital and separate property.
Instead, all property owned by either spouse – even assets acquired before the marriage – may be subject to equitable distribution at a court’s discretion. A Glastonbury lawyer with experience in high asset divorce cases could present an argument to the court that allows a divorcee to keep their fair share of their property.
To divide assets fairly, marital property must be evaluated. However, establishing the value on high net worth property can be difficult, especially if one spouse is hiding some assets from discovery. A Glastonbury high asset divorce attorney could work with business valuation experts to ensure that all assets are properly accounted for and divided fairly. The financial assets of a high net worth couple may include:
There are additional factors that can make evaluating high-value property complex. An experienced legal professional could help address such as tax consequences, child support, and the applicability of either a pre- or post-nuptial agreements between the parties.
Going through a divorce can bring about significant emotional and financial stress, especially when you owe high-value property. A Glastonbury high asset divorce lawyer could use their experience and knowledge to protect your financial future. An attorney could be your advocate throughout the legal process and work to ensure that you obtain a fair portion of your marital assets following a divorce. To schedule a consultation, call today.