November 16, 2022

Divorce and dividing property is always stressful, but when the financial stakes are high, it can be even more challenging to navigate. A high asset divorce attorney will be your best resource for dividing multiple assets and keeping things amicable between you and your spouse.

What Constitutes a High Asset Divorce?

A high asset divorce is one with over $1,000,000 in liquid assets that are subject to negotiation and division. Although real estate assets will also be part of the divorce, the value of real estate is not considered a liquid asset.

What Kind of Assets are Found in a High Asset Divorce?

High asset divorces aren’t just dependent on the money in your bank account, although that is, of course, part of the picture. Your lawyer can help you determine what will qualify your divorce as a high asset divorce while looking at several pieces of your financial picture.

• Bank Accounts

Joint bank accounts are nearly always divided in a divorce, but separate bank accounts are also considered, even if the funds were in the account prior to the marriage. Many factors are considered when determining if an account should be considered marital property and, therefore, divided. Your attorney will help you look at all your bank accounts and let you know what assets will be considered.

• Real Estate

The most obvious piece of real estate is the family home. However, land, rental properties, and vacation homes are also part of the real estate picture. If the property is considered a marital asset, there are several options for division. In some cases, spouses will divide the property between them (one spouse keeping the main home, the other the vacation home). In the case of rental properties, spouses may agree to split the income. And often, spouses will sell the property and divide the proceeds.

• Businesses

Splitting a jointly owned business in a divorce varies greatly depending on the role each spouse plays. While some may buy out the ownership from the other, it’s not always that simple. Your high asset divorce attorney can help you look at your business and strategize ways to keep that business protected.

• Investments and Retirement Accounts

These assets will also be divided in a divorce, but how they are divided will vary on when the investment was initially made and when the asset appreciated in value. High asset divorces involving multiple investment accounts will certainly need the guidance of an experienced divorce attorney.

• Material Assets

Artwork, jewelry, and other property with significant financial value will also need to be considered. If the asset was a gift, even if it was from one spouse to the other, it will typically remain their property. If it was bought jointly, it may need to be appraised, and then the value divided.

What are the Unique Challenges of a High Asset Divorce?

There is a lot at stake in a high asset divorce. If the assets were obtained after the marriage, there is likely no prenup in place to protect either party, and both parties will have a vested interest in protecting themselves. Some spouses in a high asset divorce may attempt to hide assets during the divorce, which can have serious consequences. Many spouses involved in high assets divorces have a sense of entitlement and can allow that to drive their negotiations, which is not a smart move.

Do You Need a Special High Asset Divorce Attorney?

High asset divorces can be complicated, and it can certainly feel like the stakes are elevated during an already unpleasant process. Having an experienced divorce attorney can help make the process a little bit easier and a lot less stressful. Finding an attorney who understands the challenges that significant assets can cause will make navigating those hurdles a lot easier. In most cases, taking the divorce to litigation will hurt both parties, and your divorce attorney will attempt to try mediation or negotiation with the other spouse and attorney to protect as much of the assets as possible.

Divorce is a difficult time for everyone involved, and significant wealth can certainly complicate things. Finding an experienced divorce attorney is key to a fair resolution. If you’re going through a high asset divorce and you’re looking for representation, contact my office today.