Couples with significant income or assets face unique issues when filing for divorce, such as the nuances of liquidating rare assets or valuing a closely held business. As the amount of assets increases, often so too does their complexity. It’s critical to have a thoughtful plan in place.
At Freed Marcroft, our divorce attorneys work with people in marriages with valuable real estate, businesses, extensive investments, or complex compensation structures. Given the stakes, a Westport high net worth divorce lawyer can be your best asset when reviewing your marital property and advising you on the best path forward.
Common Issues in High Net Worth Divorce Cases
A divorcing couple with high net worth must address issues including spousal support, the division of marital property, and child custody and visitation. However, these divorces also have unique challenges due to the significant value and complexity of the assets involved. While Connecticut law treats all property as marital, evaluating and dividing high-value assets can be quite involved. When a high-net-worth divorce is also high conflict, this can become contentious. Many high-net-worth spouses also have prenuptial agreements that impact property division.
Child support issues can also provide unique challenges for families with significant assets. For example, calculating standard child support is more nuanced when parents’ combined incomes exceed $4,000 weekly. This is even more true when substantial property is involved, as there’s an interplay between assets and income. A Westport attorney can ensure the court addresses this in a high net worth divorce case.
Evaluating High Value Assets in a Divorce
Some high value assets—such as used cars, real estate, certain trust assets, and conventional retirement benefits—may have an easily verifiable value. Determining the value of contingent trust interests, large commercial real estate developments, or complex deferred compensation plans is less straightforward.
Appraising unique assets—such as jewelry, fine art, or custom vehicles—is more subjective and, therefore, can be especially difficult, leading to major disagreements over their worth in a divorce. Such disputes can affect the entire divorce case.
Furthermore, liquidating these assets for property division can be difficult or complex since high value assets have far fewer potential buyers than more common assets. In some cases, it’s less appealing to retain these types of assets due to the liquidity issues. However, a Westport high asset divorce lawyer can work with valuation experts and present you with information and options.
Call a Westport High Net Worth Divorce Attorney For Reliable Representation
Secure legal counsel when you face the prospect of a high net worth divorce. Access to funds can also be a factor in high net divorces – the spouse with more money at their disposal does not give them the right to control the proceedings. In addition, divorcing spouses with a lot of money at stake may desire extra privacy; and mediation or collaborative divorce are always options.
You have the right to know what your marital property is truly worth and to receive an equitable share when you end your marriage. Schedule a consultation with a Westport high net worth divorce lawyer, and don’t leave the property division in your case to chance.