Ending a marriage can be painful, difficult, and complicated. If you and your soon-to-be ex are involved in a high-asset/high-income divorce, the situation can be even more stressful and convoluted. You need a lawyer on your side who understands the special circumstances of these cases, and knows how to protect your interests throughout the asset division process.
Here at Petrelli Previtera, you can find a team of family law attorneys who have extensive experience and award-winning expertise in helping clients through even the most complex high asset divorces. We know what it takes to overcome these divorces, and we also know how to recognize them. Contact our firm to schedule a consultation with a knowledgeable divorce lawyer.
What Type of Divorce are You Facing?
The value and variety of the assets that you and your spouse attained over the course of the marriage are crucial in determining whether you’re experiencing a high asset divorce. If you and your partner accumulated valuable assets such as multiple homes, bonds, stocks, luxury cars, and business ventures, then your divorce qualifies as a high asset divorce.
Predictably, separating high-dollar investments is more difficult than in a case where the partners only shared a checking and savings account, and probably a home. In a situation where one partner earned most of the income while the other was busy taking care of the children or working from home, things can get particularly complicated. Additional disagreement or conflict may ensue, making it difficult to arrive at a fair and agreeable outcome.
We have the depth of knowledge needed to handle high-asset divorce cases adeptly. Let us help you move on with your life as quickly and effectively as possible.
Possible Issues with a High Asset Divorce Case
In these types of divorces, spouses need to prepare themselves to deal with a number of legal issues that are likely to arise along the way, including:
- Valuing and Dividing Assets
Affluent couples are more likely to own complicated assets like offshore accounts, liquid assets, and inherited property, all of which require expert valuation. Without reliable information about the value of each piece of property at issue in a divorce, a couple could agree to, or a judge could order, a division of assets that is far from being “fair and equitable”.
To accurately value your assets and ensure everything you have is accounted for, you may need to hire an experienced professional such as a forensic accountant or valuation expert. We have access to a network of such professionals, so count on us to help you retain only the best in the business. Additionally, we are experienced in uncovering hidden assets and obtaining temporary restraining orders (TROs) to prevent your spouse from withdrawing assets prior to the judgment or settlement.
- Tax Implications
When you’re involved in a high asset divorce, your first instinct might be to liquidate as many assets as possible in order to divide the proceeds more simply. However, this is not necessarily the best course of action. Depending on how these transactions are executed, they could result in a tax bill that considerably compromises your final award.
With that in mind, it’s important to be mindful of tax law throughout the whole asset division process. It may be better to hold assets and transfer ownership of them, rather than liquidating them outright.
At Petrelli Previtera, our skilled high asset divorce lawyers not only focus on the facts before them but also predict a few steps ahead in the chess game and prepare a winning strategy. With us in your corner, tax liability is something you’ll never have to worry about.
- Business Interests
Ownership or operation of a business introduces a host of additional issues into a high asset divorce. If the business was created during the marriage, it will likely fall under “joint marital property” and therefore subject to equitable distribution. To determine its full and fair value, a valuation will have to be performed. Without a professional business valuation, you run the risk of devaluing assets, and one spouse could end up with far more than what’s rightfully theirs.
- International Issues
High asset divorce cases may involve international complications if a spouse has investments or owns assets abroad. These issues may also pose significant tax implications. In such cases, your lawyer must have a deep understanding of business interests, international issues, and high-value assets.
Child Support in High Asset Divorce Cases
In some states such as Pennsylvania, courts use a predetermined formula to calculate the amount of spousal support payable. However, the guidelines only apply in cases where the parties collectively earn $30,000 or less per month. For couples who exceed this provision, a unique formula is used to determine how much child support will be paid.
Your attorney will be able to address concerns regarding reported income, unreported income, and other child support obligations issues specific to your state.
In many cases, the best way to protect yourself from financial losses in a high asset divorce case is to make decisions ahead of time about how certain issues we’ll be handled. A prenuptial agreement, which you and your partner can sign before stepping into marriage, will allow you to specify how you will handle the division of assets should your union come to an end, as well as other matters related to your finances.
A prenuptial agreement (also called “prenup”) is only valid if it’s placed in writing and signed by both parties. One additional consideration is that it’s smart for partners to have their own individual family attorney for a prenup.
If you get married without drafting a prenup and later experience significant changes that could result in a high asset divorce, a postnuptial agreement is a good thing to consider. This contract is very much similar to a prenup. Although it is written and signed when a couple is already married, it is still just as legally binding.
Get Maximum Asset Protection – Contact Us For Help
High asset and high-income individuals choose Petrelli Previtera, LLC because they know we can get results. They read our list of recognitions and accolades – including board certification, a 10.0 Superb Avvo Rating, inclusion in the prestigious Inc. 5000 list, and more – and see a team of high asset divorce attorneys they can trust. To learn more about how we can help you protect your hard-earned assets and resolve your divorce as quickly as possible, call (866) 465-5395 to schedule an appointment.