Couples who decide to dissolve their marriages must grapple with a host of complicated issues, including child support, custody arrangements, alimony, and property division. Property division, in particular, tends to be a difficult process, especially when the parties involved own significant or unusual assets. Fortunately, high asset divorce attorneys are uniquely equipped to handle the issues that come with these types of divorces, so if you are considering dissolving your marriage and have diverse marital assets, please do not hesitate to contact our complex high net worth property division attorneys today to learn more about your legal rights.
High net worth divorce is a term used to describe the dissolution of a marriage between two people who own assets that are complex to divide. While a couple does not have to be particularly wealthy to fall under this category, in many instances, the complex assets that are so difficult to divide also happen to be extremely valuable. The most common types of assets in high net worth divorces include:
Assets like this require careful attention to ensure that they are appraised properly and divided fairly. This can be difficult, so it is especially important for couples who have diverse assets, to speak with an experienced high asset divorce attorney before filing for divorce.
Michigan is an equitable distribution state, which means that all marital property must be equitably divided upon divorce. For this reason, determining what qualifies as marital property and what constitutes separate property is extremely important, especially in high asset divorces, in which complex or valuable assets are involved. Generally, any assets that are brought into the marriage are considered separate property, while those obtained after marriage are labeled marital property. There are some exceptions to this rule, however, as even separate property that is brought into a marriage can become marital property if it is commingled or integrated with marital property. For instance, gifts made to one spouse and inheritances are treated as separate property, even when they are obtained during the course of a marriage. If, however, the person who received the inheritance placed it into a joint checking account with his or her spouse, those funds would be transformed into marital assets and so would need to be divided.
Determining which assets are marital property and which are separate assets is particularly important in high asset divorces, where inheritances and expensive gifts are more likely to be involved and ownership of which is usually contested between the parties.
At the SAM LAW OFFICE LLC, our legal team has significant experience working with clients who own unique or valuable assets. To learn more about the issues facing you and your spouse if you decide to dissolve your marriage, please contact one of our Lake County high net worth property division attorneys today at 847-255-9925.