Deciding to get a divorce is never easy, but when children and valuable assets are involved, the process can be even more stressful and difficult. For many couples, dividing up their assets is the most contentious part of their divorce. Not to mention there are significant legal implications for those with high-value assets. If you are considering a divorce and have substantial assets, you need to speak with a Mankato high-asset divorce lawyer for help.
Our seasoned divorce attorneys at Kohlmeyer Hagen, Law Office Chtd. have handled hundreds of high net-worth divorces, whether it’s a farm divorce, business owner going through a divorce or just a very high wage earner such as a doctor or dentist, we’ve handled them and would be happy to discuss how to protect your financial interests during the proceedings.
It should be no surprise that divorces are complicated, and issues with child custody, support, and property frequently divide couples. However, the case can quickly become contested when couples have valuable assets to divide. High net worth divorces involve issues that apply to people who have a significant amount of valuable assets. Some examples of complications that arise in high-asset divorce cases include:
Every divorce case has unique factors to consider, but high-asset divorces can have drastic tax implications. An experienced Mankato high-asset divorce attorney could review your assets and advise a course of action to help protect your financial interests.
One of the first steps in a divorce proceeding is determining and listing all the couple’s assets. Over the course of a marriage, couples acquire property, stocks, bonds, mutual funds, and other financial assets. They may also have valuable retirement accounts or businesses, for instance. Generally, this is divided equally.
However, non-marital assets which are often owned or obtained prior to the marriage are often kept separate from the marital estate.
While the standard is an equal division of assets during the divorce, Minnesota courts can apply the principle of equitable distribution when dividing marital assets. When dividing the estate, the court can look at the length of the marriage, the value of the property, the spouses’ respective contributions, and their sources of income or earning potential. When the assets are precious, reaching an equitable resolution can be difficult. It is also essential to keep in mind that property acquired before the marriage or inherited by one spouse is considered separate property and is not subject to the rule of equitable distribution. A Mankato lawyer could work with high-asset individuals to protect their financial interests during a divorce.
Throughout a marriage, you and your spouse might have accumulated substantial wealth (or debts for that matter). Not to mention, many couples have valuable assets before they get married. In the event of a divorce, you want to protect your valuable assets so that you and your spouse can amicably divide the property.
As Mankato high-asset divorce lawyers, we regularly help clients with substantial wealth. We are prepared to advise you throughout the process, and we understand that protecting your financial interests and balancing a fair distribution of marital property is of the utmost importance. Contact our office for an initial consultation to learn more about your rights today.
