Many high earners going through a divorce in Minnesota share similar concerns: primarily, that you want to retain your portion of the assets you’ve worked hard to accrue while avoiding high spousal maintenance payments. When you’re facing a high-asset divorce in Minnesota, you’re right to assume your wealth of assets will affect how your divorce plays out. But you can remain in control of your future by determining your own best-case scenario and pursuing it assertively with your Edina high-asset divorce attorneys.
Financial Concerns for High Earners
If you have been successful in your career, you likely own real estate, stocks, retirement accounts, luxury goods, and other types of assets that must be fairly disbursed between you and your spouse. But these financial issues aren’t just about the present. You deserve access to your pre-marriage assets, and you need to ensure that your post-divorce finances will be adequate to sustain your quality of life.
It’s important to have a grasp on the accurate value of all your assets. For the best possible outcome in your divorce, your Edina high net worth divorce lawyer may help you hire financial neutrals, real estate experts, and others who have the in-depth knowledge to protect and advance your interests. Each case is different, but a seasoned high-assets divorce lawyer will always offer you several approaches to your divorce and help you make informed decisions about your financial priorities.
Paying Spousal Support
Spousal support is a monthly payment from one spouse to the other which is intended to help the receiving spouse adjust to life after their divorce. It is generally temporary support that should only be paid long enough for the payee to get back into the workforce or seek work that will pay more than they’re currently earning. However, depending on the length of time the payee has been out of the workforce and the length of the marriage, spousal support may be permanent (although it is rare). The courts in Minnesota decide spousal maintenance based on several financial and lifestyle factors. However, the parties can agree to a spousal support arrangement without going to court.
If you have substantial marital assets and are the primary breadwinner, spousal maintenance may be a factor in your divorce. However, there are many ways to negotiate so that you won’t need to pay spousal support at all, or so that the payments are very temporary. Discuss your many options with your Edina family law attorney.
Hiring A High Asset Divorce Attorney
A high-asset divorce can seem daunting. All of your concerns are valid, but it’s important not to get overwhelmed. You can deal with these issues easily with the assistance of a high-asset divorce attorney such as Beth Barbosa. Beth has been assisting individuals and couples with substantial assets for years. She will provide you with the individualized attention you need to ensure all your needs are met throughout your divorce, and she will remain your ally throughout the process. Contact Beth to get started on your divorce.