It’s likely that the more assets you have accumulated while being married to your spouse, the more concerned you are about the division of those assets being equitable. With millions of dollars worth of property, investment accounts, and other assets up for grabs, it’s not difficult to see how one spouse could end up at a serious disadvantage if the distribution of assets is not equitable.
This post will take a look at how high asset divorce lawyers help their clients fight for equitable division and walk away from their marriage with the assets they value most.
Fair, Not Equal
In Minnesota, family courts do not split assets 50/50 during a divorce. Instead, a judge will look at what each party has contributed financially during the marriage and award them a proportionate amount of assets. This is viewed as the most fair way to ensure that in marriages where one spouse brought in substantially higher income, they will benefit from their hard work.
However, family law clients, their attorneys, and judges must also consider the non-financial contributions made by both parties. This is most relevant when one spouse has been a homemaker or stay at home parent for many years. In maintaining the home and providing childcare, this individual has contributed to the marriage and saved the couple money over the years. They are entitled to a fair division of assets that will keep them financially stable long enough to re-enter the workforce or find another way to earn an income.
If a high asset couple has been married for decades and one spouse has not worked for the majority of this time, spousal support is one possible way to ensure financial stability for that spouse. However, the high earner may prefer to negotiate a one-time payment to their ex using their portion of the assets instead of paying monthly for years to come.
Are All Assets Created Equal?
If you end up in court because you’re unable to come to an agreement about your divorce, the judge will be interested in the monetary value of each of your assets. However, it may be easier to determine this value for some types of assets than for others. For example, compare a savings account to an antique car collection. The former is obviously much more straightforward. In a high asset divorce, it’s likely that some assets will need to be appraised to determine their precise value. This is also the case for couples where one or both spouses are business owners. It’s important to have an independent appraisal to ensure the value of the business is accurately represented.
High Asset Divorce Lawyer in Edina
Preparation is key when you’re facing a high asset divorce. You need to have a clear understanding of all the marital assets to be divided in your divorce, as well as pre-marital assets you and your spouse may have brought to the table. Choosing a divorce lawyer who has experience with high asset cases is the best way to ensure nothing falls through the cracks.
If you’re getting divorced in Minnesota, Beth Barbosa can help you navigate your high asset divorce gracefully. Beth will work to obtain the best possible outcome in your case. Throughout your case, she will give you as much information about what to expect as possible and will continue to update you promptly with new developments. To speak to Beth about your high asset divorce, call (612) 564-0137.