When high net worth individuals get divorced they often face a myriad of legal issues that lower asset divorces simply don’t have. For example, couples in high asset divorces often prioritize their attention on protecting assets, preserving wealth, and avoiding potential tax consequences. Additionally, due to the fact that wealthy individuals often have diverse holdings and interests the following unique legal issues commonly arise during high asset divorces:
- The complicated business of valuing and dividing businesses,
- The need to investigate hidden assets,
- Appraising the worth of valuable items such as rare artwork that do not have many comparables on the market,
- Extensive alimony negotiations,
- Time consuming valuations of extensive real estate holdings,
- Gathering information about the current and previous valuation of stocks and investments,
- Enforcing complex premarital and/or postmarital agreements, and
- Considering the tax implications of the divorce itself as well as the new division of property and any resulting alimony or child support payments.
What Can High Asset Individuals do to Help Protect their Assets in Case of Divorce?
While no one wants to think about the possibility that their marriage may ultimately end in divorce, coming to terms with this possibility is sometimes prudent, especially for high net worth individuals who potentially stand to lose a lot if their assets are not adequately protected during a divorce. One way to help protect your assets is to enter into either a prenuptial agreement or a postnuptial agreement. When these contracts are properly drafted and executed they can have the power to dictate which property and assets each spouse will retain in the event of a divorce. Additionally, high asset individuals who suspect that divorce may be on the horizon should consult with an experienced divorce attorney as soon as possible about protecting their assets and minimizing their tax responsibilities to the fullest extent permitted by law.
Need Legal Advice?
Divorce attorney Michael A. Robbins exclusively practices divorce and family law, has 30+ years of experience under his belt, and offers the level of sophisticated representation that high net worth individuals need when getting divorced. At the Law Offices of Michael A. Robbins we are well versed in the unique legal issues that often complicate high asset divorces and are well equipped to efficiently and successfully represent you. To schedule an initial consultation contact our office in Bloomfield Hills, Michigan by calling (248) 646-7980.