- August 9, 2024
- CLLB Law
- Divorce
Know the Allies to Hire When Facing a High-Asset Divorce
Featured Snippet: You need divorce lawyers, business specialists, and vocational experts when facing a high-asset divorce. Forensic accountants, and real-estate appraisers are other professionals to get on your team.
Property division is among the most complicated issues to navigate during a divorce. The more valuable the properties, the more complicated the division.
In situations like this, you need experts to protect your rights, review your assets, and clarify your finances. Their expertise increases the chances of an equitable division. They also minimize disputes during the divorce proceedings by providing clarity to you and your spouse.
If you are considering a high-asset divorce, identifying who you need on your team can help you effectively navigate the property distribution process.
This article discusses what a high-asset divorce is and who you need on your team.
What Is a High-Asset Divorce?
Know What High-Asset Divorce Means
In a high-asset divorce, the division of property may involve multiple houses, valuable collections, retirement accounts, intellectual property, and other assets. The parties may have acquired these assets jointly or brought them to the marriage individually through inheritance or gifts. High-asset divorces may also involve several considerations like prenuptial agreements, tax implications, and alimony (spousal support).
Due to the high value and complexity of the assets involved, couples need the help of specialized legal and financial experts.
These professionals will help you carefully review your case, plan strategically, and negotiate in your best interests.
The Experts You Need in a High-Asset Divorce
Get the Right Professionals on Your Side
Knowing who to hire is the first step to successfully navigating a high-asset divorce. Below are the experts you will need to work with:
Business Specialists
If you’re a business owner going through a divorce, you must know how your property will be valued and divided during the proceedings. Even if you started the business before marriage, any increase in its value during the marriage will typically be considered joint property.
For example, let’s say your business was worth $3 million before marriage but is now valued at $4 million. The difference between these valuations may be divided between you and your spouse.
So, to ensure your property is properly assessed, you’ll need to hire a business evaluation specialist. They’ll conduct a thorough evaluation and consider your business’s financial performance, market trends, and potential growth.
Keep in mind that a business’s value fluctuates, so it’s best to have the valuation undertaken close in time to the divorce. This ensures you and your spouse have an up-to-date understanding of the business’s value for a fair property division.
Forensic Accountants
High-value divorces often involve big investment portfolios, stocks, and cryptocurrencies. Forensic accountants are experts at reviewing these assets and ensuring that both spouses are transparent about their holdings. If your spouse is hiding assets by underreporting income or overpaying creditors, forensic accountants may identify their tactics.
They can trace financial transactions and discover hidden assets. They’ll carefully examine your records to identify discrepancies like inflated expenses and transfers to undisclosed accounts. They can also provide expert testimony in court to support their findings and ensure your and your spouse’s financial situations are adequately presented.
Real-Estate Appraisers
When you and your spouse own properties across different states, dividing them during a divorce can be challenging. However, real estate appraisers can help you assess the value of your assets accurately. They can determine the fair market prices of properties so you can know how much to sell and how to split the proceeds.
The appraisal process involves thoroughly examining various factors, including property size, location, condition, and other characteristics. Considering these aspects allows the appraiser to evaluate your property comprehensively and identify its accurate worth.
Once the appraiser has assessed the value of your homes, you and your spouse can use this information to decide how you want to proceed. You may choose to sell the properties and divide the proceeds or negotiate other arrangements.
Financial Advisors
Taxes are often tricky for those going through a high-asset divorce. In addition to property division, you may have new financial responsibilities like child support and alimony payments.
Moreover, certain deductions, like those related to mortgage interest and property taxes, also influence property division. For example, if you and your spouse decide to sell your marital home as part of the divorce settlement, you may face tax complications from the sale.
A financial adviser will guide you on tax-efficient strategies to minimize your tax liabilities. They will also help you understand how different settlement options could affect your taxes.
Divorce Attorneys
Hiring high-asset divorce lawyers during a divorce is crucial. High-asset divorce is associated with high financial stakes, so you need an experienced family law attorney to guide you through the legal steps.
Your lawyer will collaborate with forensic accountants and financial experts to review your financial records and evaluate the value of your businesses and other assets. They will also provide options to protect your properties and help you secure your financial future after the divorce.
An experienced attorney will skillfully negotiate on your behalf to reach a fair agreement with your spouse. If they can’t reach an agreement that works in your favor, they’ll take the case to court and represent your interests.
Essentially, they’ll guide you through the legal process to increase the chances of a property division that works for you.
Hire Competent Lawyers for Your High-Asset Divorce
Our Experienced Legal Team Has Your Back
High-asset divorces are complicated because they involve highly valuable properties, businesses, and investments. In addition to the financial situation at stake, it’s also an emotional period for you and your spouse. During this difficult time, you need more than professionals to help you handle your case—you need allies.
Our attorneys at Church Langdon Lopp Banet law firm understand the unique circumstances surrounding your case and will give you the support you need. We will guide you on the right legal options, collaborate with financial experts, and fiercely protect your interests. If you are going through a high-asset divorce, we are the skilled divorce attorneys in Indiana you can trust.
Contact us now at (812) 725-8226 to discuss your case with our high-asset divorce attorneys.
Attorney Steve Langdon
Licensed to practice in both Indiana and Kentucky, Steve Langdon is an experienced elder law and trial attorney. In addition to his litigation and trial work, Steve’s practice includes wills, trusts, probate, Medicaid planning, guardianship, powers of attorney, and advanced directive planning, including living wills and health care surrogate designations. [ Attorney Bio ]