A divorce that substantial assets of a high value can be complex, especially if there are various types of property such as retirement accounts, a business, real estate, and investments to divide up. In almost all cases, hiring an experienced high asset divorce attorney is the best way to increase your chances for a positive outcome. Your lawyer can help you obtain a favorable result and make sure you’re not missing anything during your negotiations.

Although some divorces end up going to court, it’s often more cost-effective to avoid this process. Together with your attorney, you can go through the various assets and decide which ones are most important to you. You will also determine what arrangements you would like to make for your children. By hiring an experienced lawyer, you’ll have the best chance of getting a favorable outcome and avoiding legal issues.

Why Hire a High Asset Divorce Attorney? 

Almost everyone who is going through a high net worth divorce will need to hire an attorney. It is advisable to choose someone experienced in family law who has worked with people in similar situations before. To find out whether a law firm is qualified, you can visit their website and check out their specialties. If there is a lot of information about family law and high asset divorce, it’s likely that they have the relevant knowledge to help you out.

You can then get in touch with them and ask for a case evaluation, which is free in most circumstances with our office. Your lawyer will let you know some likely outcomes, and they can tell you which assets you are most likely to recover in your divorce. What’s more, they will speak to you about other important matters such as child custody, alimony, and child support. That way, you can go into the process prepared and ultimately receive the assets that are most important to you.

Gathering Information about Your Assets and Liability

The first step will be to gather all the relevant information about the assets and liabilities you possess. These might include money you have in the bank, any loans or credit card debt, the value of your property, your mortgage, vehicles and vehicle loans, and a share of a business, or investment accounts. Our team can assist you in creating a Marital Balance Sheet, which is a record of all marital assets and debts. Once you have laid all your separate and marital assets are out, your lawyer can determine the total worth of the assets and start to figure out how to best separate them and seek to obtain the best outcome in your high asset divorce.

There might be property that is important to you, such as a home or a vehicle. A good attorney will take this into consideration and help you figure out a way to keep it. Remember that the starting point of negotiations is dividing everything 50-50, but that doesn’t mean that this will be the final outcome. The judge might decide that it is in the best interest of everyone to award one party slightly more, for instance if they are the children’s primary caregivers.

Identifying Separate Property 

Oklahoma is a community property state, which means that everything acquired during your marriage will be divided equitably between you and your spouse, unless the proeprty is separate property. However, this doesn’t apply to assets that were present before the marriage and anything that was given specifically to one party, such as a gift in their name or an inheritance that was left to them alone. Unfortunately, it isn’t always easy to determine what is community and what is separate property.

For instance, if a retirement account was started before the marriage but has since grown larger, you will need to find out how much of this growth occurred due to the money put in when you were single. Similarly, the increase in value of your home during the marriage might be counted as community property. Your high asset divorce attorney will help you calculate these items and make sure everything is put in the correct category or assist you in developing a strategy to protect your interest in the asset.

Working Out an Alimony and Child Support Agreement 

Although some people have very similar earnings histories, most couples have one spouse who is the primary earner and the other spouse earned less money and spent more time taking care of children and the home. In such a case, the spouse that earns more money will be facing potential child support and alimony issues in the divorce.

It’s important that such agreements be fair to everyone. The spouse providing support shouldn’t have to struggle to afford their payments, while the one receiving the money will need enough to ensure their ongoing financial stability. For this reason, having a good attorney on your side, who can negotiateto protect your financial intererest is key.

Making a Good Decision about Child Custody 

Aside from the assets, the other major decision to make is related to child custody. Who will be the main caregiver, and where will the children live during the week? Will one spouse have more power to make decisions about their upbringing than the other? When determining these factors, the court considers the wellbeing of the children as the top priority.

You and your divorce attorney will discuss what your ideal outcome is and whether you would like to have your children live with you full-time. If so, you will discuss why you are the better choice and what factors could work in your favor. For instance, if you have spent more time with them than your spouse, have made most of the decisions in the past, or are more financially stable, you have a better chance of being the main caregiver. Developing a plan to seek the child custody arraingment you want is only one of many important issues in any divorce, especially one with substantial assets at stake. 

Avoiding a Prolonged Legal Battle 

Divorce is stressful for everyone involved, particularly the children. In many cases, both parties are happy to negotiate, so they don’t have to participate in a drawn-out battle. Your attorney can speak to your former partner for you and negotiate an ideal outcome. In some cases, they might suggest enlisting the help of a mediator, who can communicate with both spouses. That way, you save a lot of money and can move on with your life faster.

Avoiding Problems During Your Divorce 

A large part of your attorney’s job is to make sure the divorce process goes smoothly. Many people with a high net worth are worried about their assets and might be tempted to hide some of them or understate the amount they own. But this is an offense, and it can result in a much worse outcome for you.

When you retain one of our lawyers, they can advise you about various assets and help you avoid such mistakes. Similarly, they can start an investigation if you believe that your spouse is hiding assets from you.

In the US, a high net worth divorce involves a significant amount of assets, often upwards of $1 million. In such a situation, it’s important that both spouses receive a fair amount and that all community property is divided between them. To ensure you get the best outcome possible, you should hire a high asset divorce attorney, who can work with you to identify the assets and liabilities you have and figure out which ones are rightfully yours.

A good lawyer will work through all aspects of your case and help you consider several possibilities. They will gather the necessary evidence to prove your claim to your property, and they will negotiate with the opposing counsel. That way, you may be able to avoid a lengthy legal battle and thereby save a lot of money. Get in touch with us today at Cannon & Associates to take advantage of our free case evaluation and speak to one of our attorneys.