Marital assets in a high asset divorce are divided in the same manner as any other divorce. The division, by statute, must be done in a manner that the court deems just and right, having due regard for the rights of each party and any children of the marriage.
How Are Retirement Accounts Divided During A High Asset Divorce?
Retirement benefits are determined by the court in each decree of divorce. Sometimes, whole retirement accounts are awarded to a party in exchange for another whole retirement account awarded to the other party. Additionally, sometimes retirement accounts are divided on a percentage basis.
Will My Asset Division Settlement Affect My Tax Obligation?
Tax considerations are one of the greatest considerations in a high asset divorce. Sometimes it is recommended that a tax expert be hired to assist in the evaluation, depending on the complexity of the asset or assets being divided.
Does A High Asset Divorce Take Longer And Cost More Than A Standard Divorce?
High asset divorces typically take longer and cost more because of the investigation involved, the number and type of assets involved, and the high-stakes involved if mistakes are made.
What Are Some Of The Biggest Mistakes People Make In A High Asset Divorce?
Mistakes made in high asset divorce include the following: Such as agreeing to anything just to get the divorced over, your client feeling guilt, justified or not, the hiding of assets, the failure to properly account for assets and liabilities, the failure to consider tax consequences, the failure to investigate all of the assets and liabilities, listening to friends, and the failure to hire the correct attorney.
Can I Just Give My Ex Whatever They Want So I Can Be Free Of The Person And Move On With My Life?
This is one of the greatest mistakes made by parties to a divorce, high asset or not. The second one is that I trust my spouse/ex-spouse. Do not get in a rush to conclude the matter. Allow the investigation process to take place so that when you’re divorce is done, you can move forward with your life and not worry about financial issues.
For more information on Dividing Assets In A High Asset Divorce, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (972) 746-2805 today.