Any divorce comes with special considerations, but high net worth divorces can be some of the most complex and contentious.
When one or both spouses has significant assets that grow the marital property in size or complexity, you may face greater hurdles, struggles, and complications through the divorce process.
Thankfully, your high asset or high net worth divorce is our focus.
If you’re considering ending your marriage and one party or both have a high net worth, business assets, family inheritances, or more that will impact your case, a high asset divorce attorney with experience navigating these fraught situations can help.
Alithis Family Law has the experience and background to protect your best interests, helping you both secure what’s yours, find unexpected assets hidden by your spouse, or simply navigate the unwinding of your large estate with confidence and peace of mind.
High Asset Divorce Attorneys for Thorough Representation
What Is a High Net-Worth Divorce?
Do you have a few million dollars in invested or liquid assets?
Is you and your spouse’s property made up of businesses, real estate, or other valuable but illiquid assets?
Do you or your spouse make considerably more money than the other, or are you worried about how spousal maintenance will impact you after your divorce?
You need of an attorney with experience handling high asset divorces.
Generally speaking, a high net worth divorce is a divorce proceeding where the marital property includes substantial assets that impact how the divorce is handled, OR where both or one spouse has significant income. Not only do the outcomes of high net worth or high-earner divorces impact your family and children for decades to come, but they can also have major tax consequences.
Whether your wealth is in stock options, a family-owned business, or real estate, Alithis Family Law can help you understand your avenues, protect your best interests, and unwind your marriage with confidence.
Preparing for a High Asset Divorce
One of the most important things to recognize is that assets acquired during a marriage – unless inherited or outlined in a prenuptial agreement – are likely to be split during a divorce.
While lawyers experienced with high asset divorces can help protect your assets and interests, you should be prepared for a complex process. Knowing what is marital or non-marital assets is key.
What To Consider In a High Net Asset Divorce
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Assets acquired during marriage are usually considered “marital property” and subject to a split as part of property division. Assets you acquired prior to a marriage, if not co-mingled with your marital assets, can often be protected during divorce. Inherited assets are often protected.
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When one spouse has higher income, they may be liable for spousal maintenance to help maintain the lifestyle of the other spouse.
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Tax implications are a big deal, as taxation be be complicated during or after a divorce. Capital gains tax, for example, must be considered when marital property is sold.
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High value assets that are not liquid (cannot be sold) may have to be split in unique or creative ways, or one spouse may have to buy the other out of the asset. This is common with businesses, both jointly owned or otherwise, and a business valuation from a professional may be necessary.
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If you suspect your spouse of having hidden assets, you may need a forensic accountant to find hidden or secret assets during asset division.
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What do you hope for your children? Where your children will live after divorce, including both child custody and child support implications, are a big part of the divorce process.
The legal team at Alithis has extensive experience dealing with high net worth divorces in the Twin Cities, including a access to a wide network of tax experts, valuation experts, and even forensic accountants. We have decades of in-court litigation experience and are prepared to protect your best interests and those of your family.
How Much Does It Cost to Get a Divorce?
You may be concerned about the costs of your legal services. High net worth divorces can be extensive and expensive affairs, and the complexity of your case can often decide the cost of getting a divorce.
If you and your spouse have kept separate property throughout your marriage, even with significant assets, it may be simple to divide your assets and move forward with the divorce. In other cases, you may have children, and child support and child custody may impact how you proceed.
Our attorneys focus on providing strong representation at a fair and transparent price, and we work hard to help you understand your costs early in the process.
How Does Divorce Affect Net Worth?
Depending on what is considered marital property in your case, your net worth can and likely will vary significantly before and after a divorce.
A significant portion of your property may be split during asset division, and you may be ordered to pay a certain monthly amount to your former spouse. You may have significant spousal maintenance obligations if your assets or income were not managed through a prenuptial agreement.
If you have assets that total more than a million dollars, it may be fruitful to work with a qualified high net worth divorce attorney who can help you with business valuations, spousal maintenance issues, and other details that can impact your net worth after a divorce settlement.
Good attorneys can help you prepare for court or mediation with care – and help you protect your assets.
How Financially Damaging Is Divorce?
Divorce can be seriously financially damaging if not handled properly.
Even if some of your assets should be considered separate property, you may need substantial evidence to demonstrate that your spouse doesn’t have claim to marital property.
Most divorces involve some kind of property division, and we caution individuals to consider what it might be like to lose half of their joint assets. But that doesn’t always have to be the case, and an experienced attorney can help.
Need Help? Reach Out to a Divorce Attorney
Filing for divorce can be a difficult situation emotionally and financially. Fortunately, Alithis Family Law has extensive experience helping people like you navigate difficult, complex financial situations.
If you have extensive assets and are facing a divorce in Minneapolis or Minnesota, we can help.
Our team can guide you through the process with care and attention to detail, helping to assess your situation, understand your options, and help you move forward with peace, dignity, and financial security. Call today for a free consultation.
