Common Issues With High Net Worth Divorce
A good divorce attorney will look for evidence to determine how assets were obtained, their current value, the current debt balance, whether either party has a non-marital interest in any property, and how best to divide the property given any tax issues. The primary issues generally focused on in a high net worth divorce are:
- Real estate can include a primary residence, vacation homes, and investment properties.
- Retirement can include pensions, profit-sharing, 401(k) plans, 403(B) plans, 457(B) plans, IRAs and more. The amount that was invested prior to and during the marriage is important information that we must have to determine the marital portions.
- Investments such as stocks, stock options, bonds, mutual funds, certificates of deposit, bank accounts, children’s accounts, time-shares, insurances, collectibles, and any other type of investments.
- Prenuptial agreements, if any, are reviewed to ascertain all agreements prior to or during the marriage. While you may have believed your agreement to be “air-tight”, changes in the law may have invalidated part or all of your document since it’s signing. If so, we will look for ways to legally protect you in a different manner. It is crucial for your attorney to have extensive knowledge of how these agreements came into being.
- Complicated tax structures for people with substantial wealth require careful planning and consideration in order to minimize your tax exposure. Our lawyers will work as a team with your accountants, business partners, and financial advisers to minimize your tax liability as much as possible.
- Spousal and child support are often important issues to both parties in a high net worth divorce. Typically one party raised the children and managed the household while the other party advanced in their career. Often the child-minding parent gave up their career and possibly relocated for the good of the family. Sometimes the child-minding parent refused to return to work after the children were grown. These are common issues that arise in the determination of maintenance (a/k/a spousal support or alimony) and child support.
Why Is A High Net Worth Divorce Case So Complex?
High net worth divorce cases require a higher level of skill than other divorces because they typically involve business ownership, management level corporate benefits, inheritance issues, spousal and child support issues, foreign investments, and tax issues. A client with these interests should not hire just any divorce attorney referred to them on the internet. It’s important to find an attorney that has experience in the issues involved with your case, understand them, or at the very least know who to call to get the information they need. You wouldn’t hire a painter to fix your plumbing, so don’t hire an attorney without experience in complex financial issues.
Greta Hoffman Walker has extensive experience working with business owners, doctors, high-level managers and other high net worth clients. Greta and the team at Hoffman Walker & Knauf will manage your case professionally and efficiently to obtain a settlement that protects your interests.
Come in for a low-cost consultation and learn how our experienced and qualified high net worth divorce attorneys can help protect you. We will answer your questions, help you gather the documents you need and review your financial circumstances that may uncover details about your marriage you may not have even known.