When Marital Assets Are High-Value And Complex
If your separate and/or marital assets are worth $1 million or more and divorce is on the horizon, you should seek out an attorney with experience handling high-asset divorces. A high-asset divorce typically brings additional layers of complexity beyond the typical aspects of marital dissolution, which include property division and, when applicable, spousal support, child custody and child support.
To stay on track and pursue a just outcome, it is important to work with an attorney who is up to the task of managing a high-asset divorce cost-effectively. Beckman Law Firm has provided many Coloradoans with the caliber of advice and representation that they were looking for as they navigated the processes associated with high-dollar divorces.
Potential Concerns In High-Asset Divorce Cases
High-value assets often take longer to identify and quantify. Business assets may involve entanglements with other partners or investors. Setting aside separate assets from marital assets can also present difficulties when once-separate assets have been commingled with marital assets.
For best results, zero in on your priorities from the start so that your lawyer’s efforts can be focused on assets that mean the most to you, such as the following:
- A high-end marital home and other real estate – possibly investment real estate, business properties and/or vacation properties
- One or more business ventures that either or both of you have stakes in, possibly including enterprises that provide seasonal services for tourists
- Any assets with value that has been affected by the pandemic
- Livestock, mineral rights and other rural-based assets
- High-priced vehicles, recreational equipment and other valuable personal property belonging to either or both of you
- Jewelry, firearms, musical instruments, art collections and other unique valuables
- Bitcoin accounts and other cyber currencies
- Individual retirement accounts (IRAs), 401(k) and other investment and retirement accounts
As you and your attorney prepare for negotiations, mediation or a divorce trial, you will also want to consider related topics, such as spousal support and/or health insurance coverage if one of you has depended on the other for health insurance. If one of you will have primary custody of your mutual minor children, this fact may have an impact on details of property division and spousal support.
Ways To Control Legal Costs While Pursuing A Just Outcome: Prioritize, Negotiate
Legal costs can easily get out of hand in a high-asset divorce, so it is important to establish your priorities and focus your energies on those assets that matter the most to you. Are you a partial owner of a business that you don’t want to disturb? Are you concerned about protecting a mountain cabin that has been in your family for generations? With a knowledgeable and experienced lawyer to guide you, you will also want to determine areas where you and your spouse agree and avoid spending time and legal fees on those issues.
Start with the essentials and build from there as you prepare or negotiate a property division proposal. Devise a legal strategy to suit your unique family and financial circumstances. Divorce mediation and collaborative law methods have helped many couples reach well-thought-out, equitable settlements while maintaining civil discourse and keeping private family matters out of the courtroom.
Keep Your Expectations Realistic And Plan For The Future
In an ideal world, your high-asset divorce could result in an outcome you could be enthusiastic about. In reality, however, each party will likely need to make some compromises. Do not be surprised if you hit bumps in the road along the way to an acceptable settlement. If you work with the divorce attorneys at our firm, we are confident that we can get you from point A to point B with your sanity intact and a still-secure financial future in clear sight.
Even if you believe that marital breakdown is beginning, but a divorce is not yet imminent, keep in mind that planning is extra-important in a high-asset divorce. Thoughtful divorce planning can position you for a stronger outcome. For nearly a decade, our attorneys have provided clear direction for our clients in myriad challenging family law matters. We hope to hear from you if you are contemplating a high-asset divorce in Littleton or elsewhere. Call us at (303) 225-9474 or send an email inquiry to schedule a consultation and get started designing your legal path forward.