THE REPRESENTATION YOU NEED IN ORDER TO PROTECT YOUR FAMILY
Divorce Concerns for Couples With High Net Worth
Posted in High Net Worth Divorce on February 5, 2020
Divorce is already difficult without a factor such as high net worth making matters more complicated. If you are seeking a high net worth divorce, you could have an uphill battle. From splitting up a jointly owned business to trying to avoid a trial, your family may go through a lot to achieve a divorce with high-value assets. It is typically in your best interest to hire a high net worth divorce attorney in Fort Collins for help.
Colorado is an equitable division divorce state. During a dissolution of marriage, the courts will divide assets according to what it believes is fair for the couple and the circumstances. This does not necessarily mean a 50/50 split, but rather an arrangement that suits the situation. The courts will not, however, touch separate property.
The state’s property division laws only apply to community property, or property the spouses own and share as a couple. Any property or assets you brought into the marriage and kept separate will remain yours. The same is true for gifts or inheritances made out specifically to you. It will be up to you and your attorney to work out which assets qualify as community property and which are separate.
Many high net worth couples have prenuptial or postnuptial agreements that will factor into a divorce settlement. These are legally binding contracts that set rules for things such as property division and alimony in a divorce, signed either before or after marriage. If your marriage involves such an agreement, your lawyers will need to navigate its terms as well as the typical laws of divorce. If your spouse promised you could keep the house if caught cheating, for example, your lawyer may have to prove adultery to obtain property rights per the prenup.
Complex Asset Issues
If you and your spouse share interests in joint endeavors such as small businesses, vehicles or real estate, you will need to work through complicated ownership issues during your divorce. The same is true if you share bank accounts, retirement accounts, savings bonds, stocks or investments. A divorce could impact certain types of assets, such as the reputation of your small business. Dealing with complex and high-value assets during a divorce often requires professional assistance. A lawyer can help you navigate around delicate elements of your divorce case, along with trusted financial experts who may have to testify in court on your behalf.
Hidden or International Assets
International asset issues may arise in high-value divorce cases. You may need to hire an investigator to search for hidden assets or offshore bank accounts if you suspect your ex-spouse of concealing money from you. Having or hiding assets in another country can make for confusing tax implications, along with international business laws. You may need to hire forensic accountants or other professionals to help you through these situations.
Alimony and Child Support Payments
Alimony is a common point of contention during divorces between high net worth couples. Some have prenuptial agreements guaranteeing an alimony arrangement, while other couples may have to fight for the right to alimony before a judge. Alimony in Colorado serves to ensure each spouse continues his or her standard of living after a divorce. An alimony order may force the higher-earning spouse to pay the other a lump sum or monthly installments to support his or her lifestyle.
Child support is another issue you may have to resolve. The courts may order the higher-earning spouse to pay an additional sum to the recipient to support the children of the marriage. Spousal and child support payments are often much higher in a high-value marriage. Ask a child support attorney for assistance navigating divorce concerns during your high net worth case in Colorado.