Oklahoma City High-asset Divorce Lawyer
Divorce can become even more taxing when couples have to divide high-value material assets. These can include business assets, real estate property, pension plans, and high-value savings.
In many cases, even with prenuptial agreements in place, dividing these assets can escalate into a lengthy legal process. If children are involved, it can become even more complex whilst trying to negotiate the family law.
If you are currently involved in a high-net-worth divorce, our Oklahoma City divorce attorneys at Cannon & Associates can ensure your best interests are protected whilst negotiating a mutually acceptable agreement.
Contact 405-591-3935 today to begin discussing your high net worth divorce.
How To Prepare For Potential Issues In A High Asset Divorce?
Be aware of hidden assets
When a divorce begins, it is imperative that both spouses’ assets are organized and valued. Hidden assets could become an issue within a divorce.
Involve an accountant
If you don’t have the time or struggle to organize your assets, an accountant would be invaluable to support your divorce. An experienced accountant will also be able to spot any missing assets.
Understand property division in Oklahoma
Understanding how property is divided equitably in a divorce is essential for ensuring you gain what you deserve in a high-net-worth divorce. In most cases, any assets and property acquired during the term of marriage is marital property.
Hire an experienced high-asset divorce lawyer
When high-value items are on the line during a divorce, it is imperative to have the support of an experienced divorce attorney.
What Is A High-Asset Divorce?
This term can be misleading and often leads to people assuming it means the amount of money a couple has in the bank accounts. However, a high net worth divorce is actually in relation to any marital property of high value.
A high net worth divorce often includes assets of high net worth, such as real estate, business interests, or multiple financial assets.
Understanding how a high net worth divorce differs from other divorces will assist you in making the best decisions about legal rights during an already stressful time.
This is why it is imperative you hire an experienced and skillful divorce attorney at the earliest opportunity to ensure your marital assets are protected.
How We Can Assist In A High Net Worth Divorce
High-income couples face a variety of challenges during the divorce process.
Our Oklahoma City OK law office will assist you through every step of the process whilst negotiating the terms of your divorce agreement and protecting your fair share of marital property.
Our divorce attorneys do everything within our power to deal with the divorce process privately. However, there are circumstances whereby complex divorces need to be settled within the court.
In many cases, this is a result of the difficulty in communication and collaboration, therefore, our divorce attorneys are skilled in litigating on your behalf.
We Can Assist In Finding Solutions To The Following High Net Worth Divorce Issues
Some of the things we can help you with include:
- Valuing assets, financial accounts, stocks, bank accounts, and investments.
- Appraising real property, real estate, and vacation estates.
- Dividing assets, debts, property, and inheritances.
- Valuing material assets such as jewelry, antiques, motor vehicles, boats, and other luxury items.
- Identifying assets that are marital property and non-marital property.
Divorce can feel complex, especially in high-net-worth divorces, which is why our experienced divorce attorneys are dedicated to treating each individual case with respect and professionalism at all times.
A positive attorney-client relationship is of great importance to our Oklahoma City OK, divorce attorneys.
This is why our law office acts with confidentiality, so you can rest assured your family’s legal process, exposure and liability are at a minimum.
What Is Considered A High Net Worth Divorce?
A high net worth divorce usually occurs when one party in a divorce does not possess equal financial assets to their spouse.
This may be a result of investments, business interests, inheritance and named marital property.
When a high net worth divorce is in its earliest stages, all these assets are discoverable and included within the equitable division.
In most cases, this can cause hostility between the divorcing spouses in regards to who should keep which property and the fair distribution of property.
Many high-net-worth individuals spend most of their life working tirelessly to become successful financially.
When these separating couples decide to file for divorce, it can be difficult to determine the marital assets and wealth accumulated during the entire marriage.
This is why it is imperative to understand what high-value assets are and how they are dealt with in a high-net-worth divorce.
How Can Gathering Records And Evidence Support A High-Value Divorce?
One of the most important elements of a high-value divorce is the nature and value of the assets the couple owns.
It is common in high-value relationships for each spouse to control the substantial assets individually.
In some divorce cases, spouses may challenge ownership rights and contest the values of certain marital assets.
The records that you keep within your marriage will be instrumental in establishing the ownership rights of all high-value assets, including real estate property.
Our law firm can assist you in selecting which documents and records will be needed to support your position in high-value divorce cases.
A divorce attorney may ask you to produce bank statements, prenuptial agreements, investment accounts, stock portfolio records and other financial documents to prove ownership rights over the high-value assets and ensure an equitable outcome from the moment your divorce begins.
What Are Marital Assets?
A marital asset is real property or high-value items that were acquired after the marriage of the two parties. Any type of assets deemed as marital assets would be included in the division in a high net worth divorce.
In Oklahoma City OK, marital property is divided equitably, and therefore the court, during the divorce proceeding, will try to divide this type of asset fairly. However, some assets should be separate, such as any business or property owned prior to the marriage.
What Assets Do Get Divided In A High Net Worth Divorce?
Any type of asset that is accumulated during the marriage is deemed a marital asset and can be divided during divorce proceedings.
This includes personal items of high value, real estate, bank accounts, business assets, and retirement accounts. When two high-net-worth individuals decide to divorce, their assets must be divided too.
The division of assets is divided into marital property and separate property.
What Is Constituted As Equitable Division?
In Oklahoma City OK Laws, marital property is assets that were acquired, invested or the result of labor of the parties during the term of the marriage.
Equitable division does not mean that marital assets are divided equally. Instead, assets are divided fairly or equitably between the two spouses.
An Oklahoma City OK court will consider multiple factors such as the length of the marriage, the parties’ contributions within the marriage, the husband’s earning capacity and the wife’s condition physically.
Any property defined as that acquired by one spouse prior to the marriage is labeled as non-marital property and, therefore, cannot be subjected to equal vision during the divorce proceeding.
Why It Is Important To Commit To Completely Honest Disclosure
It can be difficult to consider sharing your high-value assets with a soon-to-be ex-spouse however, the reality is that high-value property is the price one pays for a divorce.
While it may feel tempting to hide assets from your spouse, it can come with serious penalties. It could result in paying more than if you had been honest and can result in criminal charges for fraud.
Our law firm will assist in gathering the financial records and any supplemental documentation you must produce to be accepted by the court.
An experienced divorce attorney will support you in being as transparent as possible to ensure the fairest outcome.
Do Oklahoma City Courts Consider The Nonmonetary Contributions During A Marriage?
In Oklahoma City OK, judges are required to consider the nonmonetary contributions of both spouses to a marriage when deciding a property division case.
Under this statutory law, the judge will consider the value of labor contributed by the stay-at-home spouse during the term of the marriage.
Nonmonetary contributions can include taking care of children, household chores (cooking, homemaking and cleaning) and spousal support.
The nonmonetary contributions of one spouse can be considered by the court as a reason to award a higher percentage of the marital assets.
Are Contributions To A Spouse’s Education Considered In Oklahoma City?
Oklahoma City OK has no specific statute in regards to considering the spouse’s contributions to their partner’s education or earning capacity when dividing marital property.
However, if it can be linked to nonmonetary contributions to the marriage then it may be considered.
How Are Pensions And Retirement Accounts Considered?
A retirement account can hold substantial assets in high asset divorces. It is important to understand the rights of your pension and retirement account.
An experienced divorce and family law attorney is best at helping clients in understanding the division of retirement accounts to the other spouse.
Does Oklahoma City Take Into Account A Spouse’s Economic Misconduct During Divorce Proceedings?
Laws within Oklahoma City OK mean the court can consider the economic misconduct of spouses during the equitable property division.
Economic misconduct means wasting or losing marital finances through excessive means of shopping, gambling, and fraud. In legal terms, this is the dissipation of assets.
Restorative action might be taken by the court by awarding a higher percentage if one spouse was found to have dissipated marital funds during the term of the marriage.
Can Prenuptial Agreements Impact Property Division In Oklahoma City?
Prenuptial agreements are legally bound contracts signed by both spouses prior to the marriage. Within the contract is a property division agreement that can supersede a property division law within Oklahoma City OK.
This is because the spouses previously agreed on what is considered separate and marital property as well as agreeing on the structure of finances in the event of a high net worth divorce.
The existence of a valid prenuptial agreement can prevent Oklahoma City OK courts from intervening in property orders, meaning they will be divided in accordance with the prenuptial agreement.
How Can A Property Division Order Be Enforced In Oklahoma City?
An Oklahoma City OK property division order is a court-issued order by a judge, informing spouses how to divide property following a high net worth divorce.
This order is a legally bound obligation, and failure to comply with any aspect can result in spouses being charged with contempt of court.
If your ex-spouse is not engaging with a property order, you can consult an experienced family law attorney to discuss potential legal assistance.
What Are Spousal Support Payments?
A spousal support payment equalizes incomes if one spouse earns considerably more in a long-term marriage. For most high-net-worth divorces with high-value assets, spousal support is likely to be ordered.
However, it is not that simple. In most high asset divorce cases, there are business interests that can be difficult to determine. In this circumstance tax returns and financial documents must be reviewed. It is not commonplace for spouses to hide assets in high-asset relationships.
In situations where there are substantial assets, uncovering the financial conditions would take the work of forensic accountants, which can be daunting.
What Are The Child Support Laws In Oklahoma City?
Oklahoma has many child support guidelines in place to determine how much support each parent must provide. This is mostly in line with the statutory family law.
These guidelines are based upon each parent’s adjusted gross income and then Oklahoma’s Child Support Guidelines are used to decide each parent’s baseline child support and child custody rights.
The parent that does not have primary child custody generally pays the primary child custody parent their share of the base child support. This family law guideline goes to $15,000 per month total combined income.
If parents make more than that, then child support is adjusted using the maximum from the schedule, in addition to an amount determined by the court.
What Happens When Parents Can’t Decide?
A divorce involving children can become even more emotional, and if parents cannot organize a parenting plan themselves, a court will step in.
This can be difficult for parents as control is removed from the parents and given to a court judge.
Can One Parent ‘Win’ A Parenting Time Conflict?
Family courts will aim to keep to the consistency that families are already used to. However, this will not be the case when substance and alcohol abuse could threaten the safety of the child.
Essentially in most cases of divorce, both parents will be awarded equitable parental time and responsibility.
How Long Must A Parent Pay Child Support?
Child support continues until the child turns 18 years old. If the child is in high school then child support is paid until they graduate or turn 19 years old.
How Is Child Support Collected?
Under the Oklahoma Family Law, all child support is collected by income assignment. This means a court order withholds some income for child support and directs an employer to pay a portion of the parent’s earnings for child support.
This payment will then go to the parent with the higher percentage of child custody. The withheld earnings are directed by the Department of Human Services.
Modifications to this amount can be requested if a parent has major changes in their life since the previous child support order was put in place.
This change could be the loss of a job, a shift in the amount of child custody time you have or a new baby in your new relationship. In these circumstances, discussing these life changes with our law firm will find the best avenues to adjust your payments.
How A Divorce Attorney Can Help With Unfavorable Terms
In many divorce cases, a spouse could lose assets they didn’t necessarily need to due to a lack of understanding regarding divorce and family law.
By rushing the process to get through it quicker, a spouse could be making a big mistake and potentially lose the assets they are entitled to. Once a divorce has been written, these terms are difficult to rewind.
Therefore it is imperative to choose experienced divorce lawyers from a reputable law firm to ensure you gain the assets you deserve.
What Is The Probability Of A Contested Divorce?
Those with a higher valued divorce are more likely to contest a divorce. Valuation appraisals may be required to determine the accurate valuation for complex assets of high value.
Each individual spouse requires experienced divorce lawyers to value their individual assets. These divorce lawyers may find additional assets that were overlooked.
Does A High Asset Divorce Have To Be Contested?
No type of divorce has to be contested. Uncontested divorces can be handled quickly and inexpensively in the state of Oklahoma. However, this is not always the case.
A divorce with complex assets is more likely to be contested and involve substantial litigation. In this instance, reputable legal services are vital to support you through every step. A high net worth divorce can be a lengthier experience due to the high level of litigation involved.
In addition to asset discussions, child support, child custody, and parenting time will also need to be considered.
Call An Oklahoma City High Asset Divorce Lawyer Today!
If you are involved in a high-net-worth divorce, our Oklahoma City divorce attorneys at Cannon & Associates can ensure your best interests are protected whilst negotiating a mutually acceptable agreement.
Contact us at 405-591-3935 today to begin discussing your high net worth divorce.
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