Asset identification and valuation, business assets, child support and spousal maintenance, nuptial agreements, taxes, and privacy are key conflict areas involved in a high asset divorce. High-value divorces are frequently aggressively contested and can be more difficult to litigate because the parties involved usually share substantial financial assets, investments, business assets, and multiple properties. Wealthy couples facing a divorce must work with a competent divorce attorney to safeguard their interests.
Asset Identification and Valuation
Identification and valuation of assets is a key conflict area in almost every high net worth divorce. The reason for conflict is that before assets are divided between the divorcing parties, they must first be identified and valued. Some separate assets may be deemed marital property due to their amount of appreciation.
Business Assets
Business assets are a fundamental part of marital property in many high-value divorce cases. These assets take the form of proprietorship, shares, or other business interests. All business assets must be identified and valued to ensure accurate valuation of the marital estate.
Child Support & Spousal Maintenance
Child support and spousal maintenance are usually important and contentious matters that require skillful negotiation, especially in a high asset divorce. Determining, presenting, and clearly defining the justifiable needs of the dependent party is important. Prioritizing the child’s best interests when making child support and custody decisions is also crucial.
Pre- and Post-Nuptials
While nuptial contracts cannot resolve any child issues, they are legally binding agreements between the involved parties that provide a formula for marital estate division in a divorce. Wealthy couples facing divorce may contest any pre-nuptial agreement or fiercely push for its enforcement with the help of an attorney.
Taxes
Some of the divorce-related financial transactions will be subject to tax. Things like business properties, real estate, benefit plans, and spousal maintenance may have tax consequences. A high asset divorce attorney can explain to a divorcing party how different payment structures affect tax and how to modify the structure properly to promote and safeguard his or her best interests.
Privacy and Confidentiality
A high asset divorce is more likely to go public compared to an ordinary divorce case. The reason for this is that wealthy individuals and prominent personalities can be deemed public figures that are frequently reported on, and their divorce proceedings may attract journalists. A divorce attorney can help a divorce party implement appropriate strategies to reduce unnecessary attention and protect his or her privacy.
