High Assets in Divorce
As unconventional as it may sound, divorce proceedings for couples who own many assets that total a high amount of value look different than those who do not. Because there are nuances in this type of divorce, it is important to have someone on your side with the legal background and experience to help you.
Differences in agreements
Many married couples who own a substantial amount of assets decide to proceed with either a prenuptial or a postnuptial agreement. Although prenuptial is more common than postnuptial, both are normal in marriages with this type of wealth. The courts generally uphold these agreements during divorce proceedings unless it is possible to prove that the agreement was signed under duress. There are some factors that are simply not counted in these agreements, however, such as child support.
Differences in assets
There are two different types standards when it comes to high value assets: active and passive. Passive assets are typically categorized in property ownership, such as a boat or a house. Active assets, on the other hand, are defined as “living” operations, such as a business. Passive assets are typically easier to settle into an agreement over, as they can be sold and the money can be distributed. Active assets, such as a business, can be more complicated to divide.
Qualified legal support
When dividing up assets, it’s also important to understand the different costs associated with the decision. For example, the costs of closing on a house or the possibility for tax consequences. Obtaining a qualified lawyer with extensive experience in family law is important to understand your options and the consequences of the decisions. Hiring an experienced lawyer may potentially save you thousands. Give us a call today- we can help.