Couples with substantial means face a significant hurdle when they divorce. Their complicated finances make it more challenging to accomplish an equitable division of their property. Contact a Southbury complex property division lawyer at our firm when considering divorce. Our experienced property division attorneys can explain the law and help you set realistic expectations for your divorce.
Couples must exchange financial disclosures when they file for divorce. These forms must list all the property subject to division. In contrast to many states, Connecticut General Statutes § 46b-81 considers everything the couple owns separately or jointly as marital property that can be divided when they divorce.
When couples have extensive investments and holdings, cataloguing them can require substantial time and effort. If one spouse is less familiar with the couple’s finances, confirming the accuracy of the other spouse’s disclosure will be a priority. A forensic accountant must often be engaged to ensure all assets are correctly reported.
A Southbury attorney can help a spouse prepare their complex property disclosure and call in experts when needed to verify all the components. This is an essential first step in arriving at a fair property distribution agreement.
Asset division can be complicated when one spouse has an ownership interest in a closely held business. A spouse is entitled to a portion of the business’s value, but establishing its value and determining the portion the spouse should receive often requires professional help, extensive negotiations, and creative solutions.
A business valuation expert will review factors like the value of the business’s assets, cash flow, debt, growth potential, and goodwill. Numerous methods are used to weigh these factors, and sometimes, disputes arise over the expert’s method.
Determining the extent of the spouse’s interest in the business can also present challenges, especially when the spouse takes an active role. When a substantial portion of the couple’s wealth is tied up in the business, freeing sufficient assets to compensate the spouse for their interest properly can require creativity and flexibility on the part of both spouses.
A Southbury complex property division attorney can work with the couple to develop a solution that compensates the spouse for their interest while ensuring the business’s continued viability.
When couples marry with their own assets, they often enter into premarital agreements that designate specific property as separate from marital property. These agreements usually establish a method of dividing the marital property if they divorce. However, couples who enter marriage without a prenuptial agreement may develop a postnuptial agreement as they accumulate substantial assets.
These agreements can greatly simplify property division when couples have complex financial holdings. However, if there are any irregularities in the development or execution of these agreements, they can be subject to challenge. In addition, Connecticut General Statutes § 46b-36g allows a spouse to challenge a marital agreement if it is unconscionable at the time of the divorce, even if it was fair when it was signed.
A Southbury lawyer will carefully review any marital agreement covering complex asset division to determine whether it is vulnerable to challenge. If so, the spouse and legal professional must evaluate whether negotiation or litigation is the most effective way to proceed.
When you and your spouse have complex financial holdings, untangling them is tedious and labor-intensive work. But doing so is necessary to ensure you both walk away from the marriage with a fair share of your property.
Contact our firm to work with a skilled Southbury complex property division lawyer. Our legal professionals have the sophisticated financial knowledge you need to ensure an equitable property settlement.
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