What Constitutes a High-Asset Divorce?
Posted on October 14th, 2021 in Divorce
Divorce is common among all classes of wealth, and while having more money may lower the chances of divorce, it doesn’t eliminate them. While those with a large number of assets separate, it becomes much more involved and becomes what’s known as a high-asset divorce.
A high-asset divorce is a divorce where the couple has attained extensive assets they own together. These assets in themselves have incredible worth and legal entanglements to warrant their legal cases.
- Real estate
To appropriately divide these marital assets or ensure you receive your fair share, you need an experienced divorce attorney. A high-asset divorce, even under the most amicable of circumstances, can be a longer and more arduous process than an average divorce.
What Makes High-Assets Different from Typical Marital Assets?
Like with most divorces, Pennsylvania uses its equitable distribution model in divorces involving high assets. This means that assets are divided based on what was acquired during the marriage and who needs them more or could better use them. While not easy, it is easier to define this when it comes to a singular house or a car, rather than a business or slew of real estate properties.
A lawyer, when either representing an amicable couple, or one party, has to research, discuss, and determine who each property or asset should go to.
For example, if a divorcing couple owns a business together, it’s determining not only who puts in more work for the business, but who is better suited to ensure that the business continues to thrive. This is assuming the couple cannot continue to co-own it after divorce. This can then bring in the opinions of employees, records from accounting, contracts with partners and clients, and more. In a high-asset divorce with multiple high-assets, this process can happen over and over again. The assets of a typical divorce rarely need this kind of attention.
How Should a Lawyer Treat a High-Asset Divorce Differently?
For a high-asset divorce, a lawyer should evaluate each asset in a way they normally wouldn’t for typical marital assets. As said before, this means talking to more people and diving into larger investigations into each asset.
While not impossible for a general divorce, it’s important that a lawyer investigate the other spouse or both spouses to make sure there are no hidden assets. It’s the duty of one spouse’s representative or both spouses’ representatives to ensure that everything is being done fairly, and everyone is getting what they need.
Even more so with high-asset divorces, a lawyer should discuss how each asset can be divided for the financial benefit of the couple. There are assets like stocks that can garner more financial benefits for one or both spouses after a divorce. Helping them understand is integral to providing the best legal representation.
Properly representing a high-asset divorce is less about doing things you wouldn’t in a general divorce, and more about having to dig deeper into every aspect of the couple’s property.
Contact Scranton Lifetime Lawyer Craig Kalinoski
If you’re going through a divorce with a number of highly valued assets, you need a lawyer who can and will be there every step of the way for a long time. This will not be a slow process, and not just any lawyer will cut it. Contact Kalinoski Law Offices for a free consultation on how to protect your assets and your future.