Any divorce can be complicated and stressful as one family divides into two. However, when there are great financial concerns at play, the woes of divorce amplify. If you are going through a high asset divorce in Pennsylvania, you need the legal experience of a family law firm with a track record of results–you need Kalinoski Law Offices P.C.
What is a High Asset Divorce?
In Pennsylvania, a high asset divorce is one where the marital assets attained by the couple during the length of the marriage are extensive. These assets may include real estate, stocks and timeshares, inheritance, retirement and pensions, and businesses.
Because the value and variety of the assets can be rather vast, a high asset divorce can quickly become complicated, especially when the couple must consider child and spousal support, relocation, etc.
Equitable Distribution Still Applies in High Asset Divorce
We know that Pennsylvania’s equitable distribution model is not a 50/50 split, but rather allotting each person a portion of the assets that fit their needs and input.
As with any divorce, the court will review the following when it comes to the division of marital assets:
- Length of marriage
- Standard of living enjoyed during the marriage
- Who will receive custody
- Earning potential
- The physical and mental health of each spouse
- Economic circumstances
- Contributions to the assets
- Assets to be shared like medical, retirement, etc.
- Tax consequences of the division of assets
While you would like to believe that your spouse won’t hide anything from you and the legal system during the division of marital assets, it’s important to have an attorney on your side who can ensure that no stone is left unturned.
At Kalinoski Law Offices P.C., we will:
- Ensure there are no hidden assets
- Review the value of any business ventures so that it is split fairly
- Discuss alimony agreements
- Discuss how stocks can be divided in the future for the financial benefit of the couple
Perhaps before you tied the knot, you and your ex had signed a prenuptial agreement. If that’s the case, that may greatly help your divorce to move smoothly.
However, if the agreement is not valid, or was made under false pretenses, our attorney will be able to guide you through the process of challenging the agreement to ensure you are not taken advantage of.
In addition, if your ex is trying to unjustly take property that is clearly defined in the agreement, we can help protect your rights and get you the assets that are rightfully yours.
High Asset Divorce and Children
You may worry that because your spouse was the primary contributor to your marital assets that he or she will be the one to get custody of your children. However, the court is not as interested in the financials of child custody, but rather what is in the child’s best interest.
Not only will the court review the child’s immediate needs, but also the long-term plans. This may include the discussion of college savings, creating a trust fund, etc.
It’s important that you and your ex stay on the same page. Though you may have sour feelings towards your ex, the court will be able to tell if something is amiss when it comes to the custody hearing.
High Asset Divorce and PA Child Support, Custody, And Relocation
It is common knowledge that spouses have financial obligations to each other and the children they share during and after the marriage and in turn, the divorce process. Just like alimony will be determined by the type of life enjoyed during the marriage, the state will also calculate child support based upon guidelines that account for the needs and assets of each spouse.
So while spousal support and child support will be calculated on the same factors as any type of divorce, does a high asset divorce impact a parent’s ability to get custody or seek relocation?
Typically, the answer is no, as the courts are only concerned with the child’s best interests. This includes factors like the quality of the relationship between each parent and the child/children, any past abuse, criminal history, and the condition of the home.
Should the parent with custodial rights wish to change the residence of the child, so long as all other parties with custodial rights receive notification of the proposal and consent to the relocation, the relocation will typically be granted.
If you are a business owner, a town name, or simply do not want the details of your marriage shared with others, you may want to consider a confidentiality agreement.
These agreements work to protect your personal, valuable, and sensitive information. You may want to keep the details of your reasons for divorce, the terms of your prenuptial agreement, and more confidential to protect you and your ex, as well as your children and family from becoming public knowledge.
Without this document, there is no guarantee that the divorce will not be shared with others, and in high asset divorce cases, this may become increasingly complicated.
Pennsylvania High Asset Divorce Attorney Craig Kalinoski is Here For You
Divorce can be complicated for anyone going through it. But when you have a substantial amount of assets, it can be even more difficult. That’s why you need the legal experience of a Pennsylvania family law attorney to guide you through the divorce to protect your assets and your family. Contact Scranton divorce attorney Craig Kalinoski today for a free consultation.