The end of a marriage can be especially challenging when you share significant financial assets with your spouse. Dividing that property can be contentious, especially when it comes to things like the family home or closely held businesses.
You deserve legal counsel that will protect your rights during every step of the process. A dedicated divorce attorney can help you understand how Connecticut law might impact your case. Before you consider a settlement, it is in your best interest to first speak with a Fairfield high-asset divorce lawyer.
The term “high-asset” is used to describe divorces between spouses with substantial—and often uncommon—financial assets. This goes beyond large amounts of cash or big bank accounts, as many couples also own things like rare art, complex investments, or sprawling commercial real estate.
The unique aspects of these cases can lead to challenges most divorcing couples will not have to face. Some of the high-asset divorce issues an attorney in Fairfield can address include the following:
Each spouse has an obligation to fully disclose their financial position during the dissolution of their marriage. Unfortunately, some parties attempt to hide certain assets to avoid liquidating them or handing them to their former spouse. An attorney can look for signs of deception.
Another challenging aspect of these cases is valuing high-dollar property. The court system is used to determine the value of certain things like motor vehicles or residential homes. However, identifying what rare or particularly expensive property is worth can be more challenging. Expert testimony is often needed to place a dollar amount on items like rare art, jewelry, or commercial real estate.
Families with significant assets have their own reasons for preferring to resolve financial disputes in private. Divorce proceedings may occur in public, but there are tools available that allow both sides to reach a settlement behind closed doors, or alternatively seek to seal court filings and proceedings from the public.
There are few assets more challenging to liquidate or divide than a closely held business. The problem in many cases is that selling or breaking up companies can dramatically impact their value or even threaten to put them out of business. Selling can also be problematic given the limited pool of buyers available.
The same rules for property division apply throughout Connecticut regardless of the value of the marital estate. That said, understanding these laws is important given how high the stakes can be when significant assets are on the line.
The courts are required to split assets using a standard known as equitable distribution. That approach means that each party will be awarded a fair amount of the marital estate—even if one person gets more than the other. Different factors are used to determine what is equitable, including the following:
Determining how an estate should be divided is one of the most important issues during the end of a marriage. A Fairfield lawyer can make an argument before the judge that secures the most favorable outcome possible for a high-asset divorce case.
The breakdown of a marital unit is never easy, especially when the financial stakes are high. You deserve to be protected throughout this difficult process, and the right attorney can look out for your rights and best interests.
Put your trust in the hands of a Fairfield high-asset divorce lawyer. Reach out as soon as possible to discuss your options.