Going through a divorce is not easy for anybody, regardless of whether or not the divorcing couple has significant assets. However, for those who have been married for a while or have particularly complex property arrangements, the divorce process can be complicated. Here, we want to discuss what a high asset divorce is, why it is so complicated, and who you can call for help in these situations.
What is Involved in High Asset Divorce?
Perhaps the most cumbersome aspect of a high asset divorce is the complicated financial network often weaved during the course of the marriage. Utah law requires an equitable division of marital property in order for a divorce to finalize. In order to determine what is equitable, the totality of a couple’s assets must first be understood. For those with significant assets, this can include:
- Multiple savings and checking accounts
- Various real estate holdings
- Retirement accounts (401ks, IRAs, annuities, pensions, etc.)
- Stock options
- Restricted stock units
- Investment portfolios
- Business valuations
- Taxable brokerage accounts
This brief list must also include any investments or personal property accumulated during the marriage, including jewelry, vehicles, art collections, and more. Individuals with a higher net worth are more likely to go through a contested divorce over the assets involved. Handling this process properly will be next to impossible without a skilled divorce attorney in Salt Lake City.
What Will an Attorney Do in This Situation?
Many couples begin the divorce process thinking they can handle everything by themselves. However, these situations can unravel quickly, especially when emotions get involved. An attorney will understand exactly what is necessary to properly appraise, value and divide all assets involved. This may include securing assistance from:
- Valuation appraisers for an estate
- Forensic accounting experts
- Private investigators
- Business valuation experts
What About Alimony Payments?
Alimony payments may be ordered in cases where the divorce will lead to a spouse with significantly fewer means than they were accustomed to during the marriage. High asset divorce cases often result in more complex alimony situations. This is especially true if only one spouse was the primary income earner in the marriage.
What About Child Support?
While the Utah family court system has a calculator used to determine child support payments, this calculator may be nearly irrelevant in high asset cases. Children of high earning parents often have additional expenses that need to be maintained in the aftermath of a divorce. This includes private schooling, expensive hobbies, camps, employment of a nanny, college tuition, and more.
Let Emy Cordano Help you Today
If you are going through a divorce or are considering going through one in the near future, and there are significant assets in your marriage, you should contact an attorney immediately. You can count on divorce attorney Emy Cordano to handle every aspect of your case. Our goal is to ensure that you are treated fairly throughout the divorce process and that includes financially. A high asset divorce can be incredibly complicated, so let a divorce attorney in Salt Lake City with 21 years of experience get to work on your behalf. You can contact us by clicking here or call us at (801) 901-8159 for an initial consultation.