There are some things that will always need to be considered during divorce, but two divorces can also be very different from each other. One perfect example is a high-asset divorce. It’s different from other divorces due to the inherent financial implications. When you have substantial assets, there is more at stake and more to consider. Here are some of the unique considerations those with substantial assets and high salaries will need to make when they are facing a divorce.
Looking to the Future
When it’s time for an ultra high net-worth divorce, you need to ensure that your post-divorce finances will be adequate to sustain your quality of life. Things like spousal support and child support will likely be on the table, so it’s very important to have a grasp on the accurate value of all your assets, especially retirement accounts.
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. You’ll need to consider several approaches to your divorce to make sure you are doing everything possible to protect your financial future.
Fair Asset Distribution
Many individuals with a high net worth are the primary earner in their marriage. If you fit the bill as a high income earner, you likely own things like real estate, stocks, retirement accounts, luxury goods, and other types of assets that must be fairly disbursed during your divorce. But this doesn’t mean any of your pre-marital assets should be on the table. You’ll need to work with your attorney to collect proof of the assets you owned before you got married, and to find an appraiser who can correctly value the appreciation that has accumulated on things like real estate and collectibles while you’ve been married.
Business Owners with Substantial Income
Divorce attorneys often see clients who have substantial assets due to their career as a business owner. Business owners who are getting divorced often worry that they will have to give up part of their business to their ex-spouse. They are also worried that their ex will attempt to overvalue the business so they can get a larger payout or divorce settlement.
The most important thing any business owner can do when going through a divorce is to have their business appraised by an expert. You can use this valuation when entering into negotiations with your spouse to ensure things remain equitable. When you work with an Edina high net worth divorce attorney for business owners in Minnesota, they will help you understand your options based on the value of your business, the business structure, and what other assets you own.
Divorce Lawyer Edina
A high-income divorce should only be undertaken with the assistance of an attorney, specifically an Edina high-asset divorce lawyer. Choosing the right divorce lawyer is absolutely vital for anyone who will be going through a high net-worth divorce. The stakes are so high, and the outcome of the divorce will affect the rest of your life. Beth Barbosa is a high-asset divorce attorney who has worked with business owners, physicians, and many other high earners. Contact Beth to learn more about how she can help during your divorce.