Significant wealth eases many aspects of life but makes divorce more challenging. The law favors divorce settlements that allow both parties to maintain their lifestyle, which can lead to time-consuming and hard-fought negotiations over property division, child support, and alimony.
If your family has a high net worth and you wish to end your marriage, contact a New Canaan high-asset divorce lawyer. Managing these proceedings requires legal knowledge of tax and financial matters. Our experienced divorce attorneys can help you meet your goals regarding the breakdown of a marriage.
Spouses must divide their marital property before the divorce can be final. Unless a valid marital agreement states otherwise, marital property is everything the spouse or the couple owns when they file for divorce.
When a couple has substantial assets, their wealth is often held in various forms, such as the following:
Divorcing couples must disclose their holdings during the proceedings, agree on a valuation for all their property, and then decide how to divide it fairly. These tasks can take considerable time and require the input of business valuation specialists, appraisers, and other experts.
Spouses who had wealth when they married may have signed a pre-nuptial agreement. Other couples enter post-nuptial agreements when they acquire significant assets during their marriage. Connecticut courts honor these agreements if they are correctly executed and are not unconscionable as of the time of drafting or enforcement.
A valid marital agreement can significantly ease the property division process, but a high-asset divorce lawyer in New Canaan should review it before initiating proceedings. Knowing whether a marital agreement is vulnerable to a legal challenge can impact a spouse’s negotiating strategy.
Connecticut law tries to preserve the children’s standard of living after a divorce to the extent possible. The child support obligation for a wealthy parent might be considerably higher than for a parent with more modest means.
A formula determines the child support payment for most families. However, when the combined net income of the parents exceeds $4000 per week, Connecticut Agencies Regulations § 46b-215a-2c(2) states that the formula amount is a starting point. The non-custodial or higher-earning parent may be expected to contribute to the child’s private education, camp, travel, extracurricular activities, and other benefits they enjoyed while the parents were married.
Alimony is not mandatory, but courts often award it when one spouse lacks the resources to maintain their standard of living and the other has the ability to pay. When the couple has lived a luxurious lifestyle and one spouse will not have the means to maintain it after divorce, a court could grant spousal support, typically temporarily. A New Canaan high-asset divorce attorney can help a client pursue or defend a claim for alimony.
Negotiated settlements are almost always the preferred way to resolve divorces, but they are especially beneficial for couples with considerable means. A negotiated settlement is usually faster, less expensive, and less stressful than a litigated divorce. It can also be accomplished privately, thereby minimizing concerns about security and reputational damage.
Ideally, a wealthy spouse considering divorce would consult a legal professional before initiating divorce proceedings. A lawyer could advise the spouse of their rights and identify possible points of contention. The spouse could then develop their goals for the divorce and, together with counsel, create a strategy to meet them.
The parties could work with a mediator to agree on all relevant issues. The collaborative divorce process might be an attractive option in some cases. Legal professionals can often negotiate directly to resolve the couple’s outstanding issues. Keeping the matter out of court until the couple has reached a settlement ensures privacy and keeps control in the spouses’ hands.
Divorce can be complex, especially when considerable wealth is at stake. The spouses and their legal team must consider tax implications, preserve family properties and businesses, and ensure children maintain their prior lifestyles.
Work with a New Canaan high-asset divorce lawyer when you decide to end your marriage. They have the experience to help you meet your goals in divorce. Reach out to our seasoned family attorneys today.
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