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 legal experience 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 a couple’s marital assets 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 vast, a high asset divorce can quickly become complicated. It becomes even more complicated 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
- Shared assets like medical, retirement, etc.
- Tax consequences of the division of assets
While you would like to believe that your spouse won’t hide anything during the division of marital assets, it’s important to have an attorney on your side. Kalinoski Law Offices can ensure that no stone is left unturned.
- Ensure there are no hidden assets
- Review the value of all business ventures so that the split is fair
- Discuss alimony agreements
- Discuss the potential division of stocks in the future for the financial benefit of the couple
Perhaps before you tied the knot, you and your ex 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, your attorney will be able to guide you through the process of challenging the agreement. We’ll ensure your spouse does not take advantage of you.
In addition, if your ex is trying to unjustly take property that the agreement clearly defines, 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, they will get custody of your children. However, the court is less interested in the financials of child custody, but rather 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. While you may have sour feelings, the court will be able to tell if something is wrong during 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. This is true during and after the marriage and, in turn, during the divorce process. Like with alimony, the court determines child support by the type of life enjoyed during the marriage. The state has 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 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
- Either parent’s potential criminal history
- The condition of the home
If the parent with custodial rights wishes to change the residence of the child, all other parties with custodial rights need to receive notification of the proposal and consent to the relocation. The court will typically grant relocation after the parent completes these requirements.
If you have any reason to 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 your partner will not share details of your divorce with others. 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. We’ll protect your assets and your family. Contact Scranton divorce attorney Craig Kalinoski today for a free consultation.