Divorce is an emotionally taxing process. Complicate a common divorce with high-asset property or earnings, and suddenly you are facing a legal battle that revolves as much around your finances as it does around your spousal complaints.
Working through a high-asset divorce takes time and patience. A Prescott high-asset divorce lawyer could provide you with the legal counsel you need to obtain an optimal outcome. Reach out to an experienced divorce attorney today to go over your legal options with a skilled professional.
The state classifies divorce proceedings involving parties with net values exceeding $100,000 but under $1 million as “high-asset” divorce proceedings. In these cases, even if one party has substantially fewer assets than the other, an attending court must address both the complaints put forth by the divorcing parties and the division of any shared property.
To begin high-asset divorce proceedings, a couple must meet the marriage dissolution findings laid out in Arizona Revised Statute § 25-312. If the court finds that the divorcing parties meet these requirements, they will then commence the divorce process. A seasoned Prescott attorney could help a divorcing spouse to build their case and protect their assets in court.
Many couples enter high-asset marriages with a prenuptial agreement in place. These agreements detail what percentage of a particular party’s income an ex-spouse may be entitled to should the parties eventually seek a divorce.
Postnuptial agreements work similarly, except that they are created after the start of a marriage. If two parties choose to go through with a divorce, then a postnuptial agreement may detail what degree of child support, spousal maintenance, and similar support one party must provide for the other after the separation. Prescott couples that did not enter a high-asset marriage with a prenuptial agreement or who disagree over the details of a postnuptial agreement could benefit from the guidance of a skilled attorney.
Financial elements and investments tend to be the primary complicating forces behind most high-asset divorces. Some of the pain points a divorcing couple may face include:
Businesses and their assets only come into play during high-asset divorces if both parties involved have a financial stake in the company. If both parties hold positions within the company or otherwise have significant financial say over the company’s future, then a professional must present the business’s value to the court. Both national and international sales can complicate this process further.
Once a business has been valued, it must be divided appropriately between divorcing parties. These parties should decide ahead of time which of them, if either, wish to retain control or involvement with the company. Divorcing spouses may have to concede liquid investments to ease negotiations.
Any real estate holdings that the divorcing parties have possession of must be valued before the divorce. Only after these properties have been assigned a dollar value can a court adequately distribute them to the two parties.
Parties who wish to retain particular properties may need to negotiate the compensation of liquid assets or other property to receive their desired plot.
If one party involved in a divorce retains more assets than the other, the court may order that party to pay spousal maintenance. This payment is meant to see the lower-income spouse through the divorce proceedings and the years following.
The higher-earning spouse may dispute spousal maintenance payment. Similarly, a lower-income spouse, even having signed a prenuptial, may negotiate for greater spousal maintenance if they signed said agreement under duress.
All parties involved in a high-asset divorce must pay taxes on the assets they receive after the proceedings conclude. This remains the case even if one party receives access to more illiquid assets than liquid ones. Some parties may even face tax consequences, such as additional fees or interest losses, upon receiving these assets.
Given the multitude of factors that can complicate a high-asset divorce, it is imperative that Prescott couples seek the counsel of a seasoned attorney. A knowledgeable lawyer could work to ensure that assets are distributed in a way that is fair and equitable.
High-asset divorces are exponentially more complicated than common divorces. You may be dealing with the separation of real estate holdings, businesses, and more. Fortunately, you do not have to take on this process alone.
A Prescott high-asset divorce lawyer could act as your legal advocate during this time, ensuring that your best interests are protected during separation proceedings. To learn more about what our dedicated legal team could do for you, call today.
Willison Law, PC
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