How to achieve fair distribution of all financial assets in a high net worth divorce
By definition, a high net-worth divorce involves the division of assets that exist in various forms and have significant value. Just defining the total wealth, which can include a business, major real estate holdings, pension, stocks and art, can be a challenge.
In some cases, it may even be necessary to bring in forensic accountants and other professionals to determine the true value of all financial assets.
What about prenuptial or postnuptial agreements? They also need careful review.
Once there is a full accounting of all assets and agreements, it is much easier to work toward a fair resolution. But keep in mind that there are often other key family law issues, such as child support, child custody and visitation and spousal support. Those issues can cloud the discussion and distribution of assets – one more reason why it is so important to have your interests protected by a skilled and experienced Family Law divorce lawyer like Jonathan Healey of Healey Law.
Quick Facts about high net-worth divorces
Protect your business – Ask us about the steps you should take to protect your business from any claims arising out of a filing for divorce. While there are often no simple solutions, it is possible to limit a spouse’s ability to claim a piece of the business. The best result is achieved by having your divorce lawyer and accountant work on this issue.
Eliminate unknowns – All assets need to be documented. You also need to define what constitutes the normal financial lifestyle of the marriage as this is often a key determinant of how assets are distributed.
It takes a team – Decisions on assets should not be made without first consulting with your accountant, financial planner and divorce lawyer. All three have something to contribute – and you need all three to assemble a clear and compelling asset division proposal for review by a judge, if necessary. Present anything less and you decrease your chances of getting a favorable result.
A prenuptial makes everything easier – While it is hard to talk about the dissolution of a marriage while you are still happily married, it is a vital step that can save both parties a lot of pain, grief and cost. A prenuptial agreement is particularly important if you are interested in protecting existing assets or assets from a previous marriage.
Ensure your legal position is protected by speaking with Jonathan Healey, an Edmonton divorce and separation lawyer with extensive experience handling contested and uncontested divorces.