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 family 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.
Hidden Assets
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
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
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 a divorce 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.
