While all divorce is difficult with a myriad of potential complications and battles, when the assets a couple will be dividing are more numerous, these challenges may be even greater. Any asset or liability that a couple obtains over the course of the marriage is subject to distribution during a divorce. Further, premarital assets, inheritances, and/or interests in trusts are also not automatically included nor automatically excluded (absent a valid prenuptial or postnuptial agreement) from consideration and distribution in a divorce. Assets subject to divorce include real estate, control of a business, and investments. The result is usually that each spouse must retain a dedicated and determined attorney to protect their property rights and interests during the split.
A Greenwich high-asset divorce lawyer could help to guide individuals through high-asset (a.k.a. high net worth) divorces. They can work to discover and properly value your soon-to-be ex-spouse’s assets to thoroughly determine and obtain and equitable and favorable outcome on your behalf.
Residents of Greenwich are subject to Connecticut laws governing their divorce, and Connecticut law employes the concept called equitable distribution to assign property during a divorce. This means that all property (e.g. real estate, physical assets, bank accounts, and even controlling shares of a company) which either party holds individually and property held jointly by the couple as of the time of their divorce is subject to consideration and distribution upon divorce. Additionally, a court may consider property either had prior to the marriage or which was inherited during the marriage, even if such assets have been expended by one or both of the parties during the marriage or no longer exists as of the time of the divorce.
If time allows in advance of preceding with filing a divorce complaint, spouses should concretely identify their goals and to decide where they might be willing to compromise in order to best protect their priorities. Even high-asset divorces can end with relatively little stress if the parties are able to amicably agree about how their futures should look. Courts generally encourage divorcing couples to engage in settlement talks and mediation to lessen the burden on the court system. A Greenwich high-asset divorce attorney could help when people wish to settle their differences outside of court.
However, even when both parties are committed to a peaceful and equitable (i.e. “fair”) resolution, there still may be valid and difficult differences of opinion on valuation associated with illiquid assets or compensation plans, or whether certain classes of property should even be included or excluded from consideration, which parties will need assistance navigation or even litigating.
If the matter cannot be settled, either party always has the right to ask a court to craft a divorce decree based on the evidence and facts in the case and the marriage in question. A Greenwich high-asset divorce lawyer could help individuals through the entire divorce process to protect their rights.
Any divorce signals a seismic change in a person’s life. This applies regardless of their current financial situation and whether they have children. However, perhaps the scenarios that have the greatest potential for major change are those that affect people with a high level of assets. The more complex and valuable the assets, the more potential there is for both sides to have legitimate, and divergent views on what constitutes a reasonable and equitable resolution. People with significant real estate holdings, large investment accounts, or control over a business may find that a divorce threatens a massive change in lifestyle and/or the forfeiture or reallocation of those assets.
A Greenwich high-asset divorce lawyer could fight for your interests and assets. Contact an attorney today to schedule an appointment to begin protecting your assets.