High-asset divorce cases are often complicated and benefit greatly from the assistance of a St. Louis divorce lawyer.
Most divorce cases are usually accompanied by issues such as tax consequences, alimony, and property division. However, it can get even more convoluted when the couples have highly valuable assets. Due to the complications and the high stakes involved in such a divorce case, the involved parties ought to consider several factors. In this article, we will discuss these factors.
Identification and Categorization of Assets
It is often difficult to identify and categorize assets in a high-asset divorce case. Most of the assets acquired before marriage are considered apart from the rest. However, for some assets, this is not usually the case because of value appreciation. Some couples with high-value assets sign a prenuptial contract to apply property rights and reduce complications in the event of a divorce.
Evaluation of Assets
Assets in a complicated divorce often call for special evaluation. It becomes extremely necessary when businesses are involved. In this case, the opinion of an expert is needed to ascertain the worth of business on the basis of goodwill, debts, accounts receivable and annual statements. In addition, assets like retirement accounts, stocks, intellectual property, investment, and profits will also need special evaluation.
Tax consequences
Most people find tax and tax-related topics tedious and uninteresting. That said, major tax concerns are bound to arise when dividing high-value assets. The spouse that receives certain assets, for example, may end up being taxed on the distribution. Spouses involved in a divorce may be ignorant of the tax consequences of such as business entities, spousal maintenance, and benefit plans among others. It is highly advisable to put into consideration the possible implications of taxes and more importantly, involve a lawyer who will simplify the implications for them.
Duration of Proceedings
Owing to the complicated nature of these high-asset divorces they often end up taking longer than usual. The endless processes of evaluation, categorization, and division of assets are extremely burdensome and take a lot of time. Therefore, ephemeral orders for legal expenses, custody matters and spousal maintenance need to be put into place. These complications sometimes push the parties to prefer an undisputed divorce and avoid the whole process altogether.
Celebrity Couples
In case the involved parties are public figures, the whole process should be handled with care. If details of marital issues and the case proceedings are leaked to the media, they may be aired to the public making matters even more complicated. The couple may end up suffering more emotional damage than they already are. It is, therefore, important to make use of a family lawyer who will enforce privacy protection measures like going through mediation, acquiring gag orders or sealing the court proceedings.
St. Louis Divorce Attorney
These factors barely cover the complicated details of a high-end divorce case. Nevertheless, they are important in helping to reduce the stress that such a divorce brings. The involved couples ought to take them into consideration. They may seem minor but they go a long way in saving time, money and emotional pressure. It is even better to hire a St. Louis divorce attorney who will help with the whole process.
Contact The Betz Law Firm today for a free 30-minute phone consultation by calling (314) 801-8488 or by filling out our online contact form.