While all divorce cases present obstacles to arriving at a final divorce judgment, these are compounded in the case of divorcing couples with a substantial net worth. The extent of the assets typically involved and achieving an equitable valuation and distribution of these assets can lead to a more challenging process.
Working with a Milford high-asset divorce lawyer with the background and experience needed to pursue an effective and favorable resolution in these matters is vital. A divorce attorney with comprehensive knowledge of the applicable Connecticut laws and strategies to uncover and identify all assets subject to distribution can protect and promote your interests throughout the process.
One of the main issues common in high-asset divorces is the division of marital assets. Connecticut is an equitable distribution state, which means the law intends to divide marital property and assets in a just and fair manner in the event of the breakdown of a marriage. Equitable does not necessarily mean an equal division. In the absence of a prenuptial agreement that carves out specific separate property, any assets owned by either party, regardless of how that property is titled, make up the marital estate. When determining what makes for an equitable division of the marital estate, a court often considers which assets were acquired during the marriage versus before the marriage, and which assets were acquired via family gifts or inheritance, as well as a number of other factors, including each party’s contribution to the assets, each party’s respective needs, health and earning capacity, etc.
Commonly premarital property and marital property are mixed together (known as comingling). When substantial net worth is at stake, differentiating these assets can be challenging. This property can range from businesses the divorcing couple owns to intangible assets like investments and bank accounts. Pre-nuptial or post-nuptial agreements affect these proceedings.
The complexity of high-asset divorces cannot be overstated. Individuals with high net worth commonly have their wealth tied up in a wide range of assets, some of which a lawyer may locate easily while others a person may carefully conceal. Divorces involving significant net worth may require competent and experienced legal representation and the aid of skilled valuators and forensic accountants.
Alimony or spousal support can also be a vital issue of consequence in a high-asset divorce because of the lifestyle a person wants to maintain after the dissolution of the marriage. It is essential to work with an accomplished Milford attorney at all stages of a high-asset divorce who can aggressively protect a person’s rights and ensure no stone is left unturned in seeking an equitable and optimal distribution of assets.
An attorney with a deep understanding of Connecticut laws relating to divorce and the specific requirements involved in high-asset divorce cases can provide essential legal guidance and assistance from start to finish. Many couples resolve high-asset divorces entirely out of the courtroom and involve detailed settlement negotiations.
The judge may consider numerous factors at trial when dividing assets between the couple. The duration of the marital union, the age and medical condition of each person, the prospective earning ability of each person, and whether or not the couple shares children are just a few elements that may affect the final decision of the court.
Working with a Milford lawyer with experience resolving high-asset divorce cases both in and outside the courtroom is imperative. An attorney can provide unwavering support at every step by helping uncover all assets and liabilities at stake, dividing both domestic and foreign assets, and working with financial experts and other professionals to appraise and value both tangible and intangible forms of property.
A marriage breakdown can be painful and profoundly emotional, regardless of the underlying circumstances. The added stress of navigating the legal process surrounding divorce, particularly in cases where high levels of assets are involved, is not something you need to handle alone.
A seasoned Milford high-asset divorce lawyer can provide the due diligence your case deserves. Our legal team can manage all matters of concern surrounding the division of assets while helping you navigate any unforeseen hurdles that may arise. Call now to speak with a legal representative about your options.