Branford High Asset Divorce
There is no specified legal range for what constitutes a high asset divorce. However, divorces that require the management of significant funds must be handled with finesse in order to reach a fair result. If you or a loved one is going through such a divorce, contact a divorce attorney today to help navigate the special issues that may arise.
What Defines a “High Asset” Divorce
A divorce might be considered a high asset divorce or high net-worth divorce if the parties possess:
- Significant equity in a real property (such as land or buildings)
- Six-figure income or higher
- Significant cash
- Investment assets
- Retirement assets
- Any combination of assets
A Branford high asset divorce raises certain considerations that may differ from other expensive divorces.
The discovery process is more expensive in high asset divorces. Discovery is the process of gathering financial documents, bank statements, credit card statements, appraisals, investment account statements, and retirement plan account statements. These materials need to be reviewed and, if relevant, provided to the other party.
The discovery process is more complicated in a Branford high asset divorce because there are more documents and accounts to review and there is a lot of money at stake.
Moreover, if someone is self-employed in a successful business or businesses, there is complexity in valuing those businesses. There may be a need to hire experts for that purpose, which may include forensic accountants, appraisers, actuaries, or valuation experts.
Hiring an Attorney
It is absolutely required to have an attorney in a Branford high asset divorce because there is much at stake in the agreement.
A common problem in a high asset divorce is one party wanting more than what is reasonable under the circumstances. The relationship between the divorcing spouses can dictate that. If the relationship is particularly volatile, it makes the divorce much more complicated. The involvement of large amounts of money may influence that as well, so it is essential to have an attorney who is experienced in dealing with such complications.
Additionally, appealing judgments in figuring out what actually constitutes a marital asset is a common issue in high asset divorces.
Protecting Affluent Clients
A concern that is sometimes raised when a lot of money is involved in a divorce is the siphoning of money by one of the parties. Upon the initial filing of divorce, one party might try to remove money in the bank accounts, sell off properties, get rid of assets, or dissipate assets.
When someone files for divorce, divorce attorneys immediately begin the process of putting protections in place to avoid that type of siphoning and protect their client’s assets during the divorce. If a party starts siphoning money in a way that is prohibited by the protections, the attorney has the ability to immediately put a stop to it.
Additionally, an attorney ensures that any agreement or any stipulation reached is fair to their client. Contact an experienced Branford high asset divorce attorney today to get the legal assistance that you need and deserve.