Divorce is often a challenging process, but couples with significant assets face particularly complex issues. Both spouses’ property must be identified and divided fairly, and there may be substantial tax consequences to transferring certain assets.
If you and your spouse have accumulated significant net worth, a Hartford high-asset divorce lawyer will help you proactively take steps to preserve your wealth. A dedicated divorce attorney understands the unique challenges for spouses with significant income and property and can work with you to work toward a favorable outcome in your case.
Divorcing spouses often assume their assets will be split evenly. However, the state follows the law of equitable distribution, which requires property to be allocated between spouses fairly but not necessarily equally. Additionally, unlike many other states, judges can divide assets acquired by the spouses from any source, including gifts and inheritances.
Under Connecticut General Statutes §46b-81, a judge may consider certain factors regarding the parties when determining asset division, including:
Determining an equitable asset division can be challenging when the couple’s wealth includes complex business, investment, and property interests. However, a capable high-asset divorce attorney who is well-versed in Hartford’s equitable distribution laws can help a spouse preserve as much of their net worth as possible.
Before a judge can divide the property, a divorcing couple must disclose all assets and liabilities. High-value assets in a divorce may include:
To prevent a spouse from receiving a fair portion of the couple’s estate, the other party might attempt to hide certain assets or devalue them. For example, one spouse may transfer money to an undisclosed account or sell a piece of property without the other spouse’s consent. However, a skilled Hartford lawyer familiar with high-asset divorces can identify complex property interests and ensure full disclosure to protect the party’s rights.
An essential step in assessing spousal and child support is calculating the spouse’s respective incomes. In high net worth divorce cases, determining spousal and child support can be challenging to fight for alone due to the complexity of a spouse’s income sources. However, a local attorney maintains a network of reputable professionals and can work with them and the party to accurately calculate both spouses’ incomes.
High-asset divorces can present unique challenges, including identifying and valuing complex property holdings, correctly calculating high-earning spouses’ incomes, and adequately considering complicated tax issues.
If you and your spouse have substantial assets and are now legally separating or divorcing, a Hartford high-asset divorce lawyer can work with you to preserve your wealth and minimize adverse tax consequences. Call our team’s skilled attorneys to learn more about effective legal strategies in high-income divorces today.