Divorcing couples with a high net worth face certain challenges that other separating parties do not. In addition to the same hoops every couple must jump through, spouses going through a high-asset divorce have additional financial considerations. Dividing significant assets and family businesses can be challenging without the help of a dedicated divorce attorney.
If you are facing a high-asset divorce, it is essential that you seek legal counsel immediately. There is a lot at stake for your future, and neglecting to protect yourself may leave you with an unfair distribution of assets and debts. A Guilford high-asset divorce lawyer can advise you throughout the process to help you reach a favorable outcome.
Family courts in Connecticut have the final say on how to distribute a divorcing couple’s assets. The judge is guided by something known as an “all-property equitable distribution scheme.” Under this approach, a judge must divide the marital estate between the parties in an equitable and fair manner.
Equitable distribution does not always result in splitting assets equally, so there are times when one spouse can walk away from the divorce with a larger share of the estate.
The process of dividing assets in Connecticut is much broader compared to some other states. The judge is not limited to dividing assets obtained during the marriage. Instead, the court can consider assets brought into the marriage by each party, as well as inheritances received during or before the marriage.
Judges must consider a variety of factors in high-value marital dissolutions. Where a prenuptial agreement is already in place, certain high-value assets may remain with the spouse who owned them before the marriage in accordance with the terms of the agreement. An experienced attorney in Guilford can explain which assets are likely subject to distribution, and guide the party in valuing those assets for purposes of the divorce.
There are significant benefits to resolving a divorce outside of a trial. These benefits apply across the board to most divorcing spouses, but they are especially useful in high-asset cases. For instance, the cost of litigating a high-asset divorce can be substantial. Significant assets take time to resolve, and forensic accounting experts may be required to accurately determine the estate’s value. Resolving the case without the need for litigation can result in tremendous financial savings.
Most couples facing the prospect of a high-asset divorce prefer to keep their financial circumstances private. That can be difficult in a court case, as the disputes are often aired out in public hearings and certain filings become part of the public record. By working with a seasoned lawyer in Guilford, it may be possible to resolve a high-asset divorce dispute privately without the need for costly, drawn-out litigation in a public courtroom.
If you are facing the prospect of a high-asset divorce, it is vital that you take the steps necessary to protect your financial position and your rights. The outcome of your divorce can have significant and lasting consequences—and having the right attorney can put you in the best position possible for a favorable outcome.
Let a Guilford high-asset divorce lawyer work to provide you with a fair outcome in your divorce. Call our office today to schedule your private consultation.