If you and your spouse own valuable property, you should not enter a divorce without an attorney by your side. An Oakland and Macomb County high-asset divorce lawyer could help you protect your property rights and interests.

Complicated Assets in Divorce

Assets acquired during your marriage could be subject to equitable distribution, but assets from before the marriage will typically not be divided. There are always exceptions, however, which is why you will want a skilled lawyer in your corner.

The courts must work to reach an equitable distribution of marital property, which does not always mean a 50/50 split. Before a judge can divide a couple’s assets, they must understand the value of the property to be divided.

Assessing the value of a wealthy couple’s assets may require appraisers or financial forensic accountants. Many high-asset divorce cases in our area involve the following types of property:

Additionally, in cases where one spouse earns significantly more income than the other, the court will have to assess the lesser earning spouse’s ability to care for their own needs after divorce. It is therefore vital for high net-worth spouses to hire an attorney who has experience handling high-asset divorce cases in Oakland and Macomb Counties.

Dividing Business Assets

If one or both spouses own a business, this can complicate a high-asset divorce case. When the courts divide a privately owned business, it is not always possible to avoid damaging the company. In cases where a couple owned a business together, it may not be possible for them to continue joint ownership after divorce.

Sometimes, one party may buy the other out of their business interests. The court will likely award the latter party with other assets to offset the business value. In many cases, both parties will benefit from the business continuing to generate income.

Protecting a business during a divorce might require creative negotiation tactics. A high-asset divorce attorney could provide advice and legal counsel on business ownership and divorce.

Retirement Accounts and Pensions

Retirement accounts and pensions can be challenging to divide in a divorce between high net-worth spouses. In high-asset divorce cases, it might be possible to offset one party’s interest in the other’s retirement or pension account with other valuable property.

Otherwise, the individuals may need to complete a qualified domestic relations order, which is a detailed legal document that will divide assets from a retirement account or pension. An attorney could help wealthy spouses handle retirement account division in a high-asset divorce case.

Alimony in High-Asset Divorce Cases

Either party may elect to pay the other alimony as a way to protect certain assets. For instance, if it is too difficult to divide a large asset, either spouse could pay alimony in exchange for keeping that property.

Otherwise, local courts will order one party to pay alimony to the other either indefinitely or for a set period of time. In these cases, the judge will consider the length of the marriage, financial contributions of each party to the marital estate, the health and age of the individuals, any children’s needs, the parties’ income and education levels, and the property division.

Let our local High-Asset Divorce Attorneys Help

Clearly, there are many issues that can arise during a divorce. But an attorney will be able to help you start the next chapter of your life without risking your assets. Our team could find creative ways to negotiate property division on your behalf. Speak to a high asset divorce lawyer about your case to learn more about your options and rights.