Divorce is almost always complicated, but things may become even more complex if there are significantly more assets or a higher net-worth to consider and divide. High-asset divorces can be highly contentious legal battles often requiring more than average legal acumen but also, in many cases, the expert witnesses such as forensic accountants and business valuation experts. A main reason for this is because high asset matters often involve complex assets and genuine differing approaches to valuation and distribution of such assets.
If you are headed for a divorce with high financial stakes, consider contacting a Fairfield County high-asset divorce lawyer. The importance of hiring a seasoned divorce attorney with extensive experience in high and complex asset divorce cases could help you more effectively fight to secure your future. With so much on the line, you owe it to yourself to obtain quality legal representation as a way to best protect your financial interests.
Dividing assets is usually the largest difficulty in divorces involving a great deal of wealth in Fairfield County, but a divorce lawyer could help guide one party to post-separation financial security. It may be necessary to consider the division of multiple homes, pricey personal belongings, business interests, non-cash incentive compensation, significant bank accounts, provate equity and hedge fund interests, and other complex financial holdings that are not easily valued. A high-asset divorce may require either spouse to call in outside professionals to find and valuate such assets for fair division.
In a high-asset divorce, there is always a chance that one or both spouses will try to hide, undervalue or secretly sell off assets they do not want to give up. Hiding information about one’s assets and liabilities in a Connecticut divorce case can lead to serious legal consequences. Full and fair disclosure is a requirement in divorce proceedings.
Pre- or Postnuptial Agreements
It is not uncommon for high-net worth individuals to enter into either a prenuptial or postnuptial agreement. Both are legally binding contracts that may define how a married couple’s property is to be divided in the event of separation or divorce and deal with alimony in the event of divorce. However, there are a myriad of rules in Connecticut regarding how prenuptial and postnuptial agreements must be written and what they may contain in order to be enforceable.
Certain tax laws can be implicated in high-asset divorces that may not otherwise be relevant in many other divorce cases. Either party in a high-asset divorce should endeavor to understand the probable tax consequences of anything they agree to before they agree to it as whenever significant wealth moves around, there are usually tax consequences.
Divorcing couples in Connecticut from every income bracket are required to equitably divide their assets and debts. As Connecticut is an “Equitable Distribution” state, family law courts endeavor to split property as fairly as possible in divorce cases though this is not necessarily an equal distribution. Judges have wide discretion to consider many different factors when doing this including the length of the marriage, the rationale for the divorce, and the ability of either spouse to acquire assets and income in the future as well as the income, earning capacity, estate and needs of the parties.
A Fairfield County high-asset divorce lawyer could outline how family law courts treat property for purposes of division. Anything a divorcing couple owns that was gained during the marriage or individual assets that were commingled during the union may be included in the distribution calculation. However, Premarital property or property that was Inherited is not automatically excluded from consideration and distribution, and what ultimately happens is subject to the particular facts of the marriage and parties in question.
Navigating a high-asset divorce on your own leaves your financial future at risk. Ensuring that all marital property is correctly found, identified, valued and divided in a fair way is just one of several complex issues a wealthy divorcing couple might face. Contact a Fairfield County high-asset divorce lawyer today to schedule a personal consultation and learn what dedicated legal counsel could do to protect your future.