High-Net Value Divorces Require an Experienced Divorce Lawyer

From Matthew’s interview for the Masters of Family Law series on ReelLawyers.com

Any divorce is a thorny process that requires the couple to address numerous issues, such as dividing property and sharing parenting time. 

But when the divorcing couple has significant assets and high-net value, the situation can only become more complex. In many cases, high-net value divorces are substantially more contentious than most other divorces; it is critical for the parties involved to retain an experienced divorce lawyer to protect their legal rights.

The Minnesota divorce lawyers of Atticus Family Law are skilled advocates who know how to protect individuals who are going through high-net value divorce. Our 360-degree approach to serving your needs helps us ensure that issues such as estate planning and future tax considerations are not left to chance. To schedule a confidential consultation with one of our attorneys, call our office today or complete the online contact form.

High-Net Value Couples Often Have Complex Assets

One factor that often makes high-net value divorces more complicated is that they tend to have complex assets that can be difficult to appraise and divide. For example, in a divorce involving an average middle-class couple, the assets that would need to be divided may include the cash in bank accounts, retirement accounts, personal property, and their home. While not simple, the division of assets like these is typically relatively straightforward, and it’s not difficult to determine how much the assets are worth.

In the case of a high-net value couple, however, their assets may be much more complex. They could include:

• Business ownership
• Collector’s items
• Assets in trust
• Intellectual property
• Unvested interests
• Investment real estate holdings

In many cases, the value of these kinds of assets needs to be determined by experts, and the opinions of these experts can differ significantly. Pensions, stock options, and family-owned businesses, for example, can all present unique challenges when dividing marital property during a divorce.

Is Separate Property Still Separate?

In many high-net value cases, one spouse comes into the marriage with significant assets that were acquired before the marriage or through inheritance during the marriage. Typically, these assets are considered separate property and are not subject to division like the rest of the marital estate. That said, when separate assets are commingled with marital assets, it can transform the separate assets into marital assets subject to division by the court. Working with a knowledgeable divorce attorney can help you determine what should and should not be considered separate property. 

If a Prenuptial Agreement Exists, is it Valid?

When one or both spouses come into a marriage with significant assets or the prospect of a large inheritance, they often sign a prenuptial agreement in an effort to protect their interests should the marriage end in divorce. If a prenuptial agreement exists, it’s essential to determine whether it is enforceable, as failing to do so could result in walking away from substantial assets in which a party could have a legitimate interest. There are various reasons that a prenuptial agreement could fail, so it’s always a good idea to have an attorney review yours before assuming that it is valid.

Call Us Today to Schedule a Consultation with a Divorce Attorney in Minnesota

Since 2012, Atticus Family Law has been helping individuals throughout the Twin Cities and Western Wisconsin navigate issues related to family law, including divorce, child custody, parenting time, child support, and spousal maintenance. Our attorneys are dedicated to ensuring that each case we take is resolved as favorably as possible and providing individualized representation and counsel to each and every client. To schedule a consultation with one of our lawyers, call our office today or contact us online.