A high net worth divorce typically includes divorce proceedings where the marital assets are worth $1 million or more. In these cases, there is often a greater level of complexity than in other divorces. The stakes are also generally much higher. As a result, it is important to be prepared for what to expect before, during, and after a high net worth divorce. For help, contact our firm today to schedule a consultation.
Most Common High Net Worth Divorce Issues
No two divorces are alike, but there are certainly some common threads that run through many high net worth divorces. Here are four of the most common issues that arise during these types of proceedings.
1. Child Custody and Support
In any divorce involving children, child custody and support will be major concerns. High net worth individuals often have the financial means to provide their children with a very comfortable lifestyle, but may be hesitant to provide too much, as it could affect their own lifestyle. Conversely, the non-wealthy spouse may feel entitled to a larger share of the assets in order to provide their children with a similar lifestyle. Child custody battles can sometimes get ugly, but it’s important to remember that the needs of the children should always come first. With the help of a qualified family law attorney, you can ensure that your children’s best interests are being taken into account.
2. Spousal Maintenance
Alimony, or spousal maintenance, is usually one of the most controversial aspects of a high net worth divorce. The amount of alimony paid can have a significant impact on each spouse’s standard of living after the divorce, so it’s important to get it right. If you’re facing a high net worth divorce, it’s essential to have an experienced attorney on your side who can advocate for your interests and help you reach a fair settlement.
3. Division of Property and Assets
Another complex aspect of any divorce is dividing up the property and assets acquired during the marriage. This can be especially difficult in a high net worth divorce, where there may be significant assets at stake.
4. Business Valuation and Division
A business valuation is typically required to determine the fair market value of a business owned by one or both spouses in a high net worth divorce. This process can be complicated, so it’s important to have an experienced business valuation expert on your team. Once the business has been valued, it must then be divided between the parties in accordance with state law.
Protecting Your Assets in a High Net Worth Divorce
No one gets married expecting to get divorced, but unfortunately, it happens. If you find yourself in the position of going through a high net worth divorce, there are some special considerations you need to take into account to protect your assets. Here are a few tips to help you safeguard what’s yours.
Hire the Right Team
When it comes to high net worth divorce, you will want to make sure that you have the best team possible working on your case. This includes finding an experienced attorney who has handled cases like yours before. You will also want to find a financial expert who can help you determine the value of your assets and liabilities. Lastly, you may want to consider hiring a therapist or counselor to help you through this difficult time.
Keep Good Records
If you want to keep what’s rightfully yours, you need to be able to prove you’re entitled to it. Gather all the financial documents related to your assets, including bank statements, tax returns, and mortgage paperwork. The more documentation you have, the better.
Stay Involved in The Process
Don’t just hand everything over to your attorney and trust that they will take care of it. It’s important that you stay involved in the process and understand what’s happening every step of the way. This way, you can make informed decisions about how to protect your interests best.
Be Prepared For a Fight
Unfortunately, not all divorces are amicable. Be prepared for a fight if you’re dealing with a contentious divorce. It’s important to have realistic expectations and to understand that the process can be emotionally draining. But if you stick to your guns and hire a good attorney, you stand a good chance of coming out on top.
How Assets are Divided in Colorado Divorces
In Colorado, all marital property is subject to equitable distribution. This means that the court will divide the property in a way that is fair, but not necessarily equal.
The court will consider a number of factors when determining how to divide the property, including:
- The length of the marriage
- The financial needs of each spouse
- The earning potential of each spouse
- The contribution of each spouse to the marriage
- The custody arrangement of any children from the marriage
Based on these factors, and others, the court will decide what is fair and equitable.
Why Hire Hogan Omidi, PC, For Your High Net Worth Divorce Case?
High net worth divorces are often complex with difficult proceedings. However, by being prepared for what to expect and by working with the right team, you can make the process as smooth as possible. You should work with us for the following reasons:
We literally wrote the book on Colorado divorces.
Our partner wrote the reference book on Colorado family law that most attorneys, judges, and others use. This means that we have a deep understanding of the law and how it applies to divorce cases in our state. We can explain exactly how the law will affect you during and after your divorce, so you can make the best possible decisions for yourself and your family.
Our attorneys approach every case with sensitivity and compassion for your situation.
We understand that going through a divorce is a difficult and emotional time for our clients. Our attorneys approach every case with sensitivity and compassion for your situation. We will take the time to listen to your story and help you navigate this tough time in your life.
Contact us today to schedule a consultation.