St. Louis High Asset Divorce Attorneys
The Marks Law Firm, L.L.C.
Divorce Law, High Asset Divorce
People with high incomes, large assets and significant net worth obviously have much at stake when considering a divorce. Multiple trusts, a variety of investment portfolios, real estate and other luxury items, business shares, future options – all stand as potential targets in a dissolution proceeding. How does a person with significant assets protect their value? What assets are truly subject to division? Will dissolution result in enormous tax bills, capital losses or other negative financial consequences?
In one sense, a high asset divorce is no different than any other divorce – the court must make a determination as to which assets and liabilities are separate property, which are marital property, set separate property apart to each party, and equitably divide the marital property. In practice, however, the type of assets owned by individuals above a certain income or wealth threshold can be very tangled, or commingled, governed by complex documents and perhaps not easily severable under the law, and subject to severe tax consequences.
The best protection for any individual with such a level of income or wealth is to plan in advance – thorough premarital financial planning and a detailed prenuptial agreement offer the most security in guarding particular assets and setting clear expectations as to what happens to various assets acquired before marriage and during the marriage.
Assets not protected by a prenuptial agreement can be subject to division if the court deems them marital property. For certain assets, this task can be challenging. Does a wife have an interest in her husband’s medical practice if it existed prior to their marriage? Does a husband have an interest in his wife’s family trusts if they were created after the marriage but by her parents? What about real estate or fine art? None of these questions have easy answers, and only a skilled and experienced divorce attorney with expertise in high asset divorce can properly advise you as to the potential outcomes and methods you can use to minimize financial loss.
An area of major concern tends to be large investment funds at risk of division – will they be liquidated and lose a large share of their value or can the court structure a division that will not destroy the value of the asset or leave it subject to huge taxation? What about stock options or early retirement benefits and other similar type future interests? Again, an experienced high asset divorce attorney can provide solutions that protect these assets from catastrophic loss.
As you can see from the issues to resolve, the process is not just a short set of simple, self-executing rules, but involves many complex and often difficult questions of proof. Only a skilled and experienced divorce attorney can properly advise you as to your rights with regard to high asset divorce and protect those rights in a legal proceeding.
At The Marks Law Firm, L.L.C, we have over fifty years of combined experience handling family law matters, including high asset divorce. We help individuals understand their rights with regard to all issues, including high asset division. We have handled hundreds of trials before family court judges; if you choose The Marks Law Firm, L.L.C., you will have the benefit of an attorney unafraid to go to court, advocate on your behalf and fully present your case.
, High Asset Divorce