Getting a divorce can be a complicated experience. You likely already understand it’s important to hire an attorney to represent you when divorcing your spouse. A lawyer can ensure the property is divided fairly, alimony orders are appropriate, etc.
Be aware that not all divorce attorneys are equally qualified to serve your needs. For example, perhaps you own relatively substantial assets. If so, you need to hire a lawyer with experience handling high asset divorce cases.
There are a number of reasons high asset divorces are unique when compared to others. The following overview will cover some of the more noteworthy factors that distinguish such cases.
Asset Evaluations
Determining the value of an asset is very important when assets and property are divided between two spouses divorcing one another. However, when someone has a high net worth, they may own assets whose values are not immediately clear or obvious.
For example, perhaps you own a business. If you are getting a divorce, someone will have to assign a monetary value to it. They may do so by reviewing the following:
- Annual statements
- Debt
- Accounts receivable documents
Those are just a few examples. What’s most important is that the value of the business is determined accurately and the business and any assets related to it are divided fairly. An attorney specializing in high asset divorces can assist you with these tasks.
Additionally, a business is just one type of asset that may require a proper evaluation. In a high asset divorce case, odds are there are several types of assets that must be accounted for.
Determining Whether an Asset is a Community Asset or a Separate Asset
Not all assets can or should be divided between two spouses when they are getting a divorce. Assets that may be divided in these circumstances are referred to as “community” assets. These tend to be assets that were acquired when a couple was married or assets that became the property of both spouses when the two of them married each other. An example of such an asset would be a house the couple purchased together.
However, some assets that were acquired before a marriage can be considered separate. If a couple entered into a prenuptial agreement before getting married, they may have already specified which assets should not be considered community assets or community property.
If they have not entered into such an agreement, determining whether an asset qualifies as community property can be a challenge without expert help.
This is another reason high asset divorces are unique. When you own a large number of assets, many of which might have relatively high values, you might not be certain which of them can and cannot be divided between yourself and your spouse. A high asset divorce lawyer can help clarify this sometimes perplexing matter.
Contact a Salt Lake City High Asset Divorce Attorney Today
If you need the professional assistance of a Salt Lake City high asset divorce attorney, contact Emy A. Cordano, Attorney at Law. She has extensive experience handling cases like yours. For more information, contact our office onlineor call us at 435-940-5523 to schedule an appointment.