High-asset couples are considered those with over $1 million in liquid assets or those with incomes of more than $300,000 a year. While any divorce is typically messy, high-asset divorces are made messier by the fact that the marital estate is composed of retirement accounts, investment accounts, businesses, real estate properties, and investments. For several reasons, high-asset divorces present unique challenges. If you are considering divorce, our Wheeling high net worth divorce lawyers can help.
Generally speaking, couples that have equal earning power will simply split the marital estate. The marital estate includes any property acquired during the marriage, equity acquired during the marriage, or value accrued during the marriage. That means that a business that was started before a marriage is owned by the spouse who started it, but any value that the business accrued during the marriage is part of the marital estate.
The problem is obvious. The business must be appraised twice. First, the value of the business must be established before the marriage. Then, the current value must be established. The difference between these two figures belongs to the marital estate and is thus subject to property division.
Our lawyers can help you divide complex properties like businesses that may be partly owned by one spouse and partly the property of the marriage. These include:
High-assets mean high liabilities. This includes tax obligations of taking on a specific asset individually or debts related to a business venture. Partners may want to divest their stake in one venture while protecting their stake in another. Sorting out these issues requires the skill of a high-asset divorce lawyer.
Our attorneys have navigated hundreds of divorces involving complex property division, alimony, and child support. High-asset divorces present challenges when it comes to alimony, as well. A spouse who may not be the primary earner may still be responsible for rearing children. They are entitled to maintain their own standard of living as well as the children’s. For this reason, alimony discussions can become highly contentious.
The Wheeling high net worth divorce lawyers at SAM LAW OFFICE LLC can help you protect your interests and lay the groundwork for your future. Call us today if you have any questions concerning high net worth divorces, child support payments, or alimony.