High Net Worth Divorces
Experienced Team of High Net Worth Divorce Attorneys
Do you need legal assistance beginning or finalizing a high net wroth divorce? If so, do not hesitate to contact JBell & Associates PC’s Divorce Law Team today.
High net worth divorces not only involve substantial assets and property but are also characterized by significant time. This sometimes causes individuals to make hasty decisions in order to finalize their divorce as quickly as possible. Unfortunately, many mistakes can occur under such pressure.
At JBell & Associates PC, we are here to secure your assets and eliminate the excess burdens and stress of your divorce proceeding. Our divorce attorneys are competent in negotiating, settling, and litigating high net worth divorces—regardless of complexity.
Call or contact us today for a free and confidential consultation to safeguard your assets, property, and life’s work.
What is A High Net Worth Divorce?
A high net worth divorce refers to a divorce proceeding that involves a substantial amount of liquid assets that far exceed expenses—sometimes involving assets valued in the multi-millions.
These assets often consist of businesses which may be jointly owned, financial interests in foreign businesses, real estate, stock, pensions, royalties, personal assets, business assets, offshore assets, inheritances, or other significant assets.
The main challenges encountered with high net worth divorces are the identification of each spouse’s assets, valuation of those assets, and then the distribution of the entire share—whether as per a pre- or postnuptial agreements, new agreement, or court resolution.
Complexities of High Net Worth Divorces
In this section, we list and describe the main complexities of high net worth divorces:
- Convoluted Valuations: High net worth divorces demand many valuations of assets, property, business value, etc. These estimates can sometimes involve valuing foreign assets, goodwill, or intangible assets—which requires a more focused service. Other items that may need to be valued include stocks, retirement accounts, pensions, and even unvested interests to property.
- Foreign-Owned Assets: High net worth cases often involve foreign assets, investments, or property. In these cases, one or both spouses will have significant financial interests or other financial stakes in a foreign country. This requires complicated valuation services and presents multiple tax implications.
- Listing the Spouses’ Assets: The success of these divorces and the distribution process are dependent upon each spouse providing a detailed list of their assets so that these assets can be valued and divided. Complications that could arise include assets that were owned prior to the marriage or assets that were given as gifts. The results of these situations could differ depending on the state for which the couple resides or where the asset/property is located.
- Tax Implications: Highly valued assets may implicate several tax laws, whether those assets include businesses, employee benefit plans, or property. An attorney experienced in handling high net with divorces can help you determine whether there are any tax ramifications of your divorce.
- Public and Media Attention: Divorces involving significant amounts of cash, assets, property, and other valuables are often made public and receive significant media attention—either due to the large amounts involved or the status of the spouses to the public eye (e.g., celebrities, politicians, etc.). A divorce attorney can help you minimize expected media attention so that your case remains as private and confidential as possible.
Guidance for Individuals Going Through High Net Worth Divorces
1. Hire an Attorney Who is Experienced in Handling High Net Worth Divorces
It is important to hire a divorce attorney if you and your spouse are considering a divorce. An attorney can advise you on how your case will proceed, what to expect, and how your assets and property could be affected.
High net worth divorces are often lengthy proceedings due to the extensive valuation and compilation all assets and property—for both spouses. Hiring a divorce attorney right away to handle your divorce can help you save time.
2. Never Conceal Assets or Property
Each spouse is expected to provide a detailed list of their assets and property so that it can be valued and divided in the divorce proceeding—according to a prior agreement, new agreement, or as ordered by the court.
Hiding assets or property can be devastating for your case. It shows the judge that you are dishonest, have bad intent, and are unwilling to collaborate on finding a fair and equitable solution for your divorce.
The judge may also rule against you on the division of the asset or property at issue. Do not conceal anything. Be honest and be thorough. A divorce attorney who is experienced in helping clients compile such a detailed list can help you.
3. Do Not Make Hasty Decisions to Finalize Your Divorce Without Giving Each Thought Serious Consideration
Divorces are stressful. And during such stressful times, we understand that you may feel pressured to make quick short-term decisions. We are here to warn you that these hasty decisions could have harmful long-term consequences in your life.
Some law firms urge their divorce clients to settle quickly so that they can begin a new stage of their life—this message is very tempting for individuals going through a divorce.
At JBell & Associates PC, we do not pressure our clients to settle quickly and we encourage you not to be tempted to do the same. Sometimes it is better if your case is heard before the court.
Be patient and do not forget that short-term thinking can have long-term consequences. Our attorneys can guide you towards making informed decisions that maximize your financial and economic future and secure your rights.
Need Legal Assistance with Your High Net Worth Divorce?
Individuals undergoing a high net worth divorce are at risk of not obtaining a fair result due to the high potential for abuse. Divorces are stressful enough without having to worry about obtaining a fair result.
It is imperative that individuals under such circumstances retain the legal services of an attorney experienced in handling high net worth divorces to better ensure a fair and equitable asset division and divorce arrangement.
At JBell & Associates PC, our divorce attorneys are well-suited and prepared to handle divorces involving significant assets, property, businesses, and other valuables.
We help clients going through a high net worth divorce think clearly before making critical decisions. It is our job to put you at ease through our strategic negotiation and litigation tactics and dedicated work ethic.
Call us today or contact our office for a free consultation to protect your life’s hard work and secure your future.