No two divorces are alike. The issues in each case are unique and every couple’s goals for the future are different. Sometimes, a couple will acquire a large amount of assets or property during their marriage, which can add to the complexities of legally parting ways. When there is one million dollars or more in marital assets, a case is typically referred to as a “high asset divorce,” and the legal process associated with dividing property can become much more complicated.
The following are several issues that can make property division in a high asset divorce different from a standard divorce case:
One of the most notable differences between a high asset divorce and a standard divorce case is the property division process, and how it is approached. Although dividing assets in divorce can be difficult for any couple, those who have significant assets will generally face more challenges. A high-net-worth couple may have businesses, multiple properties, investments, stock options, cryptocurrency, retirement accounts, or inheritances that must be taken into consideration. If assets are owned in other countries, this can add an additional layer of complexity.
Before marital property can be divided in a high asset divorce, it must be valued. While many types of assets may fluctuate in value, it’s vital to ensure accuracy to reach a fair division. The valuation process is especially important for non-liquid assets, such as privately-held businesses, intellectual property, and art collections, where standard market values might not be readily available. Failure to properly value these types of assets can lead to an unfair settlement or potentially result in future legal challenges.
Accounting for a significant amount of assets can be stressful for a high-net-worth couple. Sometimes, an asset or piece of shared property will be overlooked. Other times, a spouse will intentionally conceal an asset in an attempt to prevent it from undergoing the division process. When a spouse hides money offshore, uses an LLC to conceal assets, or underreports business revenue, a forensic accountant may be needed to trace the funds. Critically, intentionally hiding assets in a divorce is a serious matter that can result in harsh penalties, including sanctions, monetary fines, and contempt of court. A judge may also award the entire hidden asset to the innocent spouse and order the wrongdoing spouse to pay for their attorney fees.
There are often complex tax implications in high asset divorce cases, which must be taken into consideration. Notably, certain low-cost basis assets may have capital gains taxes associated with them when a spouse goes to sell them. This means that even if the value was comparable with other assets at the time of divorce, the net proceeds upon selling the asset would be reduced due to the tax burden. It’s important to take these factors into account when negotiating a property settlement.
In addition to having a skillful divorce attorney who understands the nuances of a high asset divorce, these cases often require experts and specialists who can provide the insight necessary in the areas at issue. These can include business valuators, appraisers, financial planners, tax advisors, and forensic accountants. The reports generated by these professionals are essential for negotiating an equitable settlement. Similarly, if the case goes to trial, their testimony in the courtroom can provide the judge with the information they need to render a fair ruling.
With so much at stake in a high asset divorce, these matters have the potential to be extremely contentious. The complexity of dividing valuable assets can significantly increase the level of conflict between spouses. Mediation and the collaborative process can still be used to allow a couple in a high-conflict divorce to find creative solutions and remain in control of their case. However, contentious matters are more likely to end up in court where they will proceed through the lengthy litigation process and a judge would ultimately determine the outcome.
A high asset divorce can be legally complex, financially complicated, and emotionally draining. You shouldn’t have to face the process alone. At Duke Law Firm, P.C., our experienced high asset divorce attorneys can help you navigate your case, ensuring that all marital property is accounted for and a fair outcome is achieved. We invite you to call us at (585) 449-4987 or visit us online to schedule a consultation to learn how we can help.
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