Why Do High-Asset Divorces Need to be Handled Differently?
High-asset divorce cases are significantly more complex than standard divorce proceedings. When a lot of assets are involved, or when one or both spouses are high net-worth individuals, the divorce process can put a lot at stake. High-asset divorces require a lot more care than a standard divorce, and you will need to have top-standard legal representation to ensure that your best interests are represented.
At Cannon & Associates, we know how much is at risk during a high-asset divorce, and our attorneys have a deep understanding of the complexities involved in these cases. Our law firm will work alongside forensic accountants, asset evaluation specialists, tax law consultants, and investment professionals to ensure that you get a fair divorce settlement and that you do not lose out on property or assets.
Our law firm prioritizes mediation in divorce cases, as we know how stressful and expensive it can be to bring a high-asset divorce to trial. We will use our negotiation and mediation skills to help achieve a fair divorce settlement. However if necessary, we will fight aggressively in court as a Fierce Advocate for your case.
With high-asset divorces, it is vital that you have the best standard of legal representation possible. Cannon & Associates is the law firm that you can trust to represent your case, and we are backed up by our multiple awards and recognitions, including 300+ 5-star Google reviews and an AVVO rating of 10.0.
Call us today to discuss your case in a free consultation at 405-591-3935.
What is High Asset Divorce?
When one or both spouses that have significant financial assets or wealth decide to separate, it is known as a high-asset divorce. High-asset divorces involve a much more complicated process than a traditional divorce. Parties to the divorce will need to hire valuation appraisers, specialized financial advisors, a forensic accountant, and a team of experienced divorce attorneys to ensure assets are divided equitably.
Some assets involved in a high-asset divorce may include:
- High-value property and real estate holdings
- Vacation residences
- Closely held businesses
- High-value retirement accounts
- Stock options and investments
- Trust funds
- Investments in closely held enterprises
- Offshore bank accounts and holdings
In many high-asset divorces, one spouse has significantly more assets and earns more than the other spouse. When this spouse has separate assets, they will need to ensure that these assets are protected in a divorce and do not become marital assets.
Issues in High-Asset Divorce Cases
High-asset divorces need to be handled differently from an ordinary divorce because of the many issues that arise. High-net-worth individuals often have a lot to lose if a divorce does not go in their favor. Because of this, a high-asset divorce can last a significant amount of time and involve many complexities that do not arise during a regular divorce.
When one spouse has a lot of property or assets, they may attempt to hide these assets to secure them from being divided up in a divorce settlement. This could be done by sending them to a third party or setting up a shell company. However, it is illegal to hide assets in Oklahoma, and being discovered can result in serious consequences.
If you are worried about losing assets in the divorce process, seek legal representation from an experienced divorce lawyer. They can help ensure that your separate assets are not taken from you and counted as marital property. If you believe that your spouse is hiding assets from the divorce, get your divorce attorneys to investigate.
Spousal support can be granted when one spouse is financially reliant on the other spouse and has been through the course of the marriage. When it comes to high-asset divorces, it is often the case that one party earns a lot more than the other. As such, the other party may require spousal maintenance after the marriage, particularly if they have relied on this money for a long period of time.
Spousal support payments are rarely perpetual (forever), and are designed to provide support to one spouse so they can become financially independent.
Property division is often the most contested issue in a high-asset divorce. This is because there is often a lot of property involved, including primary residences, vacation homes, offshore properties, valuable art and jewelry, businesses, large retirement accounts, vehicles, boats, stocks, trust funds, and real estate investments.
In community property states such as Oklahoma, all of this property needs to be valued, assessed, and divided equitably. This can often cause a lot of complications and issues, particularly when it involves businesses.
Marital Property vs. Separate Property
The state of Oklahoma is a community property state, meaning that all marital property or community assets must be divided equitably between both spouses. Community property is assets that are acquired during the marriage, either through joint marital efforts or earned during the marriage. Marital assets could include joint bank accounts, property purchased together, financial investments, and retirement assets.
In comparison, separate assets are assets and property that were gained or purchased prior to the marriage. Separate high-value assets are not subject to division during a divorce and the property owner can maintain ownership after a divorce. However, property acquired prior to a marriage may become joint property due to commingling.
Issues With Division of Property
Property division is often the issue that turns a high-asset divorce into a contested divorce. Often, spouses disagree on whether high-asset property gained prior to the marriage should be counted as marital property. Issues that may arise with property division can include:
- Inheritance money that has been placed into a joint savings account
- Separate property that has had the title changed to include both spouses
- Separate assets that have increased in value during the course of the marriage
Unlike a traditional divorce, you will need to hire valuation appraisers and experts to help with the division of high-value separate and marital assets. A high-asset divorce attorney can help you protect your assets and ensure that you do not lose out on property after a divorce. Having a prenuptial agreement can help prevent the loss of property during a high-asset divorce.
Why Do High Asset Divorces Need To Be Handled Differently?
With high-asset divorce cases, there is a lot more at stake for both parties. Because of this, a high-asset divorce is much more likely to turn into a contested divorce quickly. The process of a high-asset divorce involves a lot more legal care, including valuation appraisal and professional advice for potential tax implications.
If you are going through a high-asset divorce case, it is important to hire an attorney that has the requisite experience and skills to deal with your case. Without strong legal representation, you could risk losing a significant amount of assets or ending up signing a decree that does not protect your best interests.
At Cannon & Associates, we are dedicated to protecting your interests and ensuring that you do not lose out on assets because of a divorce. Our experienced attorneys understand the complexities of high-asset divorces, and we want to use our skills and experience to help protect your rights.
Call us today to schedule a free consultation at 405-591-3935.
YOUR FIERCE ADVOCATES® in:
Our Client Reviews
More 5-star Reviews Than 99% Of Lawyers In Oklahoma
"John has shown nothing but compassion and professional guidance in my case. He truly cares about his clients and is exceptionally understanding when it comes to any case he is representing. He communicates genuinely as well as in a timely matter. If I were able to give his firm any more than 5 stars, I most definitely would. He is incredible."
"John Cannon is an awesome attorney. He is very professional and honest. He really cares about his clients. John always gets back to you quickly to answer any questions you have regarding your case. I highly recommend CANNON & ASSOCIATES for any legal needs you may have."
"John Cannon has helped me through the hardest time in my life. He helped me through my divorce and custody case. He truly cares about his clients and it made me so happy he always put my daughter first and wanted what was in her best interest as a child. He is very sharp and resourceful and he has been very attentive and responsive to my needs, John is very polite and professional and he always has a great attitude. John always took the time to go over everything and explain everything in depth. I've enjoyed working with John and his team and would recommend him to other clients."
"I have known John for about 6 years now in his capacity as a Judge Advocate and a civilian attorney. John has a rare blend of both sharp analytical and interpersonal skills. I have seen John achieve positive outcomes for clients in complex scenarios and If you need an attorney who can do the same for you - this is your guy."
"John did a very good job. Although the outcome was not 100% what we expected(strange judgement) it was overall positive. I would, have and will continue to recommended him. Although I certainly hope to not need his services again in the capacity I hired him for I would not hesitate to call if I do. Thanks John"
"I signed up with John June 25th, July 5th I received an email that my case is in line to be DISMISSED, within a 2 week time period John made what was one of the most stressful times in my life better! Every case is different but he handled my case with care and he was extremely open in his communication throughout the whole process. I hope to never have to have a criminal attorney again but if I do I will definitely go back to John. I highly recommend him to anyone else who is needing an attorney!"
"John is a highly respected attorney. Professional and compassionate. He has a wealth of knowledge, being a military officer and having served as an Assistant District Attorney, a Public Defender, and an Assistant Attorney General. He helped a friend's son who was headed down the wrong path, but through John's legal defense the young man is now a successful business owner."
"John is a very professional attorney, who is not only concerned about the welfare of his client but very attentive and considerate of the family, or other bodies that are in the face of the adversity. While working on my family members case, John took time out to take a class that would educate him on how to approach the many different types of cases tried in the court room. John proved his sincerity to the calling of his job, being an attorney. I would definitely recommend him to anyone."
"Mr. Cannon went above and beyond for my wife. She was facing some pretty hard fines and prison time with the US Marshalls. Mr. Cannon fought a hard fight and got her a GREAT offer. Words cannot express how much I appreciate him and what he did for my wife. I would give 10 stars and I will be promoting him. He's that awesome. He keeps you informed, he will text or call you back, and he goes above what he is asked to do and I can reassure you"HE WILL FIGHT FOR YOU OR YOUR FAMILY MEMBER". I will continue retaining him for other things my wife is battling. High five and a great big hug to Mr. Cannon. Thank you!!! John took the reigns and provided us instant peace of mind. He was timely, respectful, transparent, very professional, honest and courteous. The service he provided was above and beyond our expectations. Can’t believe professionals like him are around. Highly highly without reservations recommend him and his team."
"John Cannon is an excellent attorney. He takes sincere interest in your needs. He maintains communication and provides all the information you might want to fully understand the legal process. He also suggests alternative resolutions to your legal needs so that you can make informed choices. I definitely recommend John."
"My experience with CANNON & ASSOCIATES was absolutely amazing. I hired John Cannon two days before my rebuttal statement was due back to the Staff Judge Advocate. Within that time frame he was able to talk to my Battery and Battalion Commanders, review my evidence, and help me write a rebuttal statement that help prove my case to them, the Brigade Commander and the Post Commanding General. Cannon worked thru the night to help me get the best results for me and my family. Due to his hard work and attention to detail I am still able to continue to serve my country and progress in my military career with no adverse actions on my record. I can not thank him enough on a job well done. Cannon showed me that he was invested in my case and I highly recommend you hire him when you need someone to represent you in a legal matter."
"John Cannon assisted me through a very difficult time in my military career. He worked tirelessly with me on my case and kept me informed during the entire process. I can't say enough good things about Mr. Cannon. He's incredibly knowledgeable with regards to military justice. The outcome of my case was successful and I attribute that to Mr. Cannon's professionalism and expertise in dealing with military law. I would highly recommend Mr. Cannon to anyone with military justice or criminal defense needs."
"Hands down the best lawyer. Mr.Cannon accepted my case and got on it the same day. I would give him 10 stars if I could. I really appreciate the dedication on how he handles things with a short time frame."
"Mr. Cannon has represented me on 2 criminal cases and one civil case over the past 4 years. He has always served me honestly, speedily and with good moral direction. John has integrity and humility. He has never belittled me or treated me in an unfair manor. I appreciate all that he has done for me and I most certainly recommend him to family, strangers and friends. I will definitely use Mr. Cannon in the future for any and all of my family's legal matters."
"Mr. Cannon went above and beyond for my wife. She was facing some pretty hard fines and prison time with the US Marshalls. Mr. Cannon fought a hard fight and got her a GREAT offer. Words cannot express how much I appreciate him and what he did for my wife. I would give 10 stars and I will be promoting him. He's that awesome. He keeps you informed, he will text or call you back, and he goes above what he is asked to do and I can reassure you"HE WILL FIGHT FOR YOU OR YOUR FAMILY MEMBER". I will continue retaining him for other things my wife is battling. High five and a great big hug to Mr. Cannon. Thank you!!!"
"I had a great experience with John. He is very personable and helped me a lot. I’m really grateful I found him. He made me feel confident that he was the right lawyer for my case and that he wasn’t trying to sell me but genuinely just wanted to help me. I would highly recommend John to anyone!"
"Working with Mr. Cannon has been a real life-saving experience for me and my family. He provides the knowledge of the possibilities as soon as he can get them, then works tirelessly to ensure that any concerns or questions are addressed immediately. He has been a great asset to us not only in the face of legal troubles, but in providing a sense of security that is truly reassuring in the face of the uncertain.Mr. Cannon has been a great resource and has been very patient with me. From the start he provided a list of things to do that would help me help him with my case and since the beginning has continued to give advice or suggestions on any matter that has bothered me with my situation, large or small. He is gentle, yet realistic, and this combination really does become a rock in tumultuous times such as these.I would highly recommend Mr. Cannon to anyone who needs a vigilant and committed attorney, especially one that stands by your side until your issue is resolved. He goes above and beyond not only to work, but to care for his clients!"
"John Cannon assisted me through a very difficult time in my military career. He worked tirelessly with me on my case and kept me informed during the entire process. I can't say enough good things about Mr. Cannon. He's incredibly knowledgeable with regards to military justice. The outcome of my case was successful and I attribute that to Mr. Cannon's professionalism and expertise in dealing with military law. I highly recommend Mr. Cannon to anyone with military justice or criminal defense needs."