High-asset couples face unique challenges when going through a divorce. These challenges include the need for financial disclosures, complex asset division, spousal maintenance, and forensic accounting.
Attempting to handle a high-asset divorce without proper legal support may result in you losing out on significant compensation or assets that you otherwise may have been entitled to. A lawyer can help you explore your options and walk you through the steps to take to protect your interests.
Minnesota Is an Equitable Distribution State
The first thing to know about divorce in Minnesota is that this is an equitable distribution state. That means when the courts consider marital asset division, they do so in a way that is fair, but not necessarily equal.
Some of the factors the court may use when determining equitable division include:
- The length of the marriage
- The prior marriage of either party
- The age of the parties
- The health of the parties
- The occupations of the parties
- The amount and sources of income of the parties
- The vocational skills and employability of the parties
- The liabilities of the parties
- The needs of the parties
Thorough Financial Disclosures Are the Norm
The financial disclosure process is a key part of any high-asset divorce. This is where the individual and marital assets are assessed to determine their value. If the parties have separate bank, retirement, and investment accounts, they must be properly disclosed so the parties have a complete understanding of the financial situation surrounding the divorce.
It may also be necessary to hire forensic accountants and other financial experts to properly evaluate certain assets. High-asset divorce lawyers commonly have working relationships with specialists like these who can assist with your case.
Complex Assets Require Complex Solutions
Not all assets can be easily divided among the parties. For example, if the parties cannot agree on who should keep the family home, it may need to be sold, with the proceeds then being split in accordance with equitable distribution.
Additionally, many high-asset couples have shared business or investment interests that can be challenging to separate. An experienced divorce attorney can help you determine a fair way to split complex assets while preserving the maximum value for both parties.
Spousal Maintenance May Be Necessary
If one spouse hasn’t worked in a while or doesn’t have the income to continue supporting the lifestyle they got used to during the marriage, they may be entitled to spousal maintenance, also known as alimony. Spousal maintenance refers to payments from the higher-earning spouse to the lower-earning spouse to alleviate the financial burden that the divorce has imposed on them.
The courts look at various factors when determining whether maintenance is necessary, the amount of maintenance to be paid, and the duration of the maintenance payments.
Forensic Accounting May Be Necessary
High-net-worth divorces can be more likely to involve disputes over hidden assets. Sometimes, one spouse will hide personal or marital assets from the other in an attempt to influence the division of marital property.
To prevent this from occurring, lawyers may hire forensic accountants to uncover hidden or undervalued assets.
Contact Our High-Asset Divorce Attorneys in Buffalo, MN
If you are preparing for a high-asset divorce in Buffalo, Minnesota, you need a law firm that can provide you with comprehensive legal support. At Carlson & Jones, P.A., our experienced divorce lawyers are committed to providing effective, client-focused representation to individuals and families in need.
Contact our firm today for a free consultation with one of our attorneys. We’ll help you understand the unique challenges high-asset divorces pose and the methods our team uses to protect your best interests and make the process as smooth as possible.