Thursday, September 20, 2012

What are high asset divorces?

Now that the stock market is recovering, investment accounts are rising in value, and deferred compensation is returning, high-income individuals facing divorce are again dividing assets instead of only debts.

The courts call divorces involving retirements and high-income individuals, “high asset divorce cases,” and it is crucial to retain a qualified divorce attorney who is experienced with both family law and high-income individuals due to the complexity of the assets involved. Married couples with accumulated property and wealth are considered “high asset” when there are pensions, cars, boats, real estate, securities portfolios, business partnerships, stocks, investments and bonuses to be considered in a divorce.
After you have hired your family law attorney, it is time to consider hiring a tax accountant and financial/tax specialists.
In high asset divorce cases, issues to consider include:
·      Actual legal ownership of all property prior to divorce
·      The actual legal ownership in the event of a settlement
·      The actual legal ownership following a trial and judgment
·      The tax considerations of dividing assets
·      Worth or value of all assets
·      Security clearance for certain jobs and the consequences of divorce, debts, bankruptcies, and foreclosures
·      Community Property
·      Separate Property
·      Gifts
·      Prenuptial agreements and ante-nuptial agreements
·      Post-nuptial agreements and marital settlement agreements
·      Which of the three would be most productive: trial, mediation, or settlement negotiations

No comments:

Post a Comment