Divorcing spouses must find a way to split their jointly owned property. The courts will divide assets equitably, but equitable distribution will mean different things for different people. For high-asset couples, this determination can be even more complex.
As such, it is crucial to work with a Miramar high-asset divorce lawyer for help with the valuation and division of property. A skilled attorney could inform you of your legal rights and advocate for your interests throughout the marriage dissolution process.
If one or both of the parties entered the marriage with significant wealth, some of that property might not be considered marital for the purposes of divorce law. Inheritance and gifts are other forms of property that may be solely owned by one person. Property that a person owns prior to their marriage will belong to that individual alone unless they commingle the asset with marital property. However, the growth or appreciation of any nonmarital asset may accrue maritally, unless you proscribe this in a prenuptial agreement.
For example, say one person owned a home and then sold that home during the marriage to buy a new house with their spouse. The original home was not marital property, but the second home would likely be jointly owned by the couple. Both parties likely made payments, taxes, insurance, or improvements towards the second home, thus shifting the property into the marital estate.
Before the parties begin to debate about who gets what property after the divorce, the court will need to figure out what assets are in the marital estate. This analysis can be complicated for couples with a high net worth, so it is wise to discuss these factors with an experienced Miramar divorce attorney.
Certain assets can create challenges when it comes to property division in a divorce case. For instance, shared homes can often be problematic. More complicated assets might include artwork, heirlooms, and other property that may need to be assessed so that the court understands its actual value.
When individuals have significant retirement funds or pensions, these assets can also create difficulties when attempting to divide the property. Another major asset that can lead to property division complications is a family business. Anyone dealing with these types of assets should consult a local attorney skilled at handling high-value divorces.
Both divorcing spouses may have an interest in protecting a business. Dividing a business might ruin the company’s profitability, which will mean a loss of wealth for both parties.
One of the spouses might be able to buy the other out of business and continue to run the company. Before being able to determine the buy-out price, the couple might need an appraiser to place a value on the company. In these cases, it will be important to discuss with a seasoned divorce attorney who understands the issues involved in high-asset divorce cases.
High-asset couples might enter prenuptial or postnuptial agreements to protect their property and their family. These agreements may detail property division and spousal support payments.
If the parties have one of these agreements, they will need to inform their lawyers as it will undoubtedly impact the divorce litigation and negotiations. Courts will uphold valid marital agreements. A skilled lawyer could draft or review these types of agreements for high-asset Miramar couples and advise on how they may impact a divorce case.
If you are going through a divorce and you and your spouse own significant property, you will need legal assistance for dividing your assets. Regardless of whether you can negotiate agreeable terms or need to litigate the case, a Miramar high-asset divorce lawyer could provide crucial guidance.
In any divorce case, it is vital to have legal counsel to inform you of your rights and options. Call our experienced team today for a consultation.