When a high net worth asset divorce occurs, it can be one of the most complex and challenging legal proceedings a person will ever go through. These divorces are often high-stakes and emotionally charged, as the parties involved typically have a great deal to lose.
If you are facing a high-asset divorce, it is important to seek the counsel of an experienced high-asset divorce attorney who can help you navigate these complicated waters and protect your interests. There are many nuances to valuation, tax strategy, and the law when it comes to these cases. It is critical to find a lawyer that has swam in these waters many times before.
Read on to learn some of the key factors that make high net worth asset divorces unique, as well as strategies for handling them effectively.
High Net Worth Asset Divorce Defined
What makes a high net worth asset divorce?
A high asset divorce involves the division of high-valued property and assets such as stock portfolios, real estate holdings, businesses, bank accounts, and other valuable property. High net worth divorces typically mean dividing over $1 million in assets, and can often be much more complex than a traditional divorce due to valuation, tax, and other complicated business issues.
Professional Support Is Critical During High Asset Divorce
Given the complexity of high asset divorces, it is essential to have a team of experienced professionals in your corner, helping you to protect your interests, that are able to work well together.
This may include family law lawyers with meaningful experience handling high net worth asset divorces, CPAs, business evaluators, and real estate appraisers to help determine the value of assets. There could be tax implications associated with the division of assets, so other professionals such as tax attorneys may also need to be consulted.
Items Evaluated During A High Net Worth Divorce
The items evaluated during a high net worth divorce are typically high-value financial assets such as stocks, real estate, businesses, and retirement accounts. However, any asset that has a significant value may be subject to division in a high asset divorce, including things like artwork, vehicles, and collections.
Top 5 Strategies To Handle High Net Worth Asset Divorces
If you are facing a high asset divorce, it is important to be prepared and have a solid strategy in place. Here are our top five tips to consider for a high asset divorce.
Planning Ahead Of Time
Given their complexity, high asset divorces can be time-consuming and costly. It is important to be as prepared as possible before embarking on this process.
This means having a clear understanding of your financial situation, getting organized, and finding an experienced attorney to help you navigate the process.
Property And Asset Division
Divorcing spouses need to come to an agreement on how to divide their property and assets. This can be a complex process, especially when there may be a variety of different high-value assets to consider.
Note that many luxury and high-value items require appraisals to determine their fair market value—and an asset's appraised value may be different than what you believe it to be worth. This is important to ensure that assets are divided fairly between the divorcing spouses.
Child Support And Child Custody
If one parent has primary custody of the children, they may be entitled to child support payments from the other parent. If there are differences in income between the parents, this could have a significant impact on child support payments.
Parents should note that child custody cases will often focus on the "best interests of the child."
Handling Emotional Stress
Divorce can quickly become a very emotional process, especially when high net worth assets are at stake. It's easy to make decisions based on emotion rather than logic, which can lead to costly mistakes.
Have a support system in place to help you through this difficult time. This may include friends, family, or even therapy.
Finding ways to cope with the stress of divorce can help you to make better decisions and stay focused on your goals.
Disclosures And Settlement Offers
A declaration of disclosure is a document that each spouse is required to prepare and serve on the other spouse in a divorce. This document provides information about each spouse's income, debts, and assets. Concealing information or failing to disclose assets can have serious consequences in a high asset divorce.
After a declaration of disclosure is served, your lawyer can work with you to develop a settlement offer that is fair and equitable.
The settlement negotiation process can be complex, and having an experienced attorney by your side is invaluable. Here are a few tips to make the process as smooth as possible:
Understand how Oregon law affects your high asset divorce.
Keep your priorities and goals in mind.
Expert legal counsel can make a big difference—they can help anticipate issues and provide guidance on the best way to move forward.
Keep a handle on emotional reactivity—this is another reason why professional representation can be important.
Be open to compromising (especially if you want to keep the divorce amicable, or expect to co-parent) as this can help to speed up the process and save you money in the long run.
High asset divorce can be a complex and draining process, but by following these strategies, you can help ease the transition with as little stress as possible.
How Gevurtz Menashe Can Help High Net Worth Asset Divorces In Oregon
As can be expected, the more assets that are at stake in a divorce, the more complicated and contentious the proceedings can be. That is why it is so important to seek the counsel of an experienced high asset divorce attorney who can help you protect your interests, guide you throughout the process, and help achieve a fair outcome.
At Gevurtz Menashe, we've been in the business of helping people through some of the toughest times in their lives for over 30 years. We deeply understand the nuances of high asset divorce and can help you navigate the process.
We're ready to help you protect what you've built and get the outcome you deserve. If you're ready to get started, contact us today.