Salt Lake City High Net Worth Divorce Lawyers
If you are an individual with a high net worth who is considering divorce, or if you’ve been served divorce papers by your spouse, it is crucial to consult with an experienced high asset divorce attorney right away. From a financial perspective, you naturally have more at stake than those who do not have business assets, trademarks, intellectual property, real estate, investment portfolios, and other assets that must be identified and protected.
You’ll want to have an experienced divorce attorney who has the right knowledge, skills, and resources necessary to handle your case.
At Christensen Law, our SLC divorce lawyers have extensive experience handling complex and contested high net worth cases. We’ll be prepared to discuss the specifics of your situation during a confidential consultation, and we’ll do everything in our power to protect what is rightfully yours during the divorce proceedings.
Call our office at (801) 303-5800 or reach out to us online to speak with a knowledgeable member of our team today.
How High Asset Divorce Cases Should Be Handled
Because of the increased number and value of the assets that you’re dealing with in a high net worth divorce, the process of dividing them can be challenging and is often aggressively contested. You’ll want to work with a legal team that will apply a thoughtful and strategic approach to your case, to work toward the best possible resolution.
The state of Utah is an equitable distribution state when it comes to the division of marital assets in a divorce. The term “equitable distribution” can itself be a somewhat confusing term. Equitable does not necessarily mean a 50- 50 split, equitable distribution means that marital property is divided equitably depending on what a spouse brought to the marriage.
We have extensive experience helping business owners, executives, medical professionals, legal professionals, artists and entertainers, and other high net worth individuals work to secure fair outcomes for their divorce cases, particularly when it comes to the division of assets, spousal support, child support, and other matters.
In a high net worth divorce, some of the assets that will be taken into consideration will include:
- Bank accounts
- Retirement accounts
- Real estate or other property holdings
- Personal assets
- Business Interests and Assets
- Intellectual property
- Pension funds
- High-value art or collectibles
High asset divorces can be complicated when there are extensive paper trails, accounting, and timelines that must be investigated and considered when determining who is entitled to all or a portion of those assets. If your divorce counsel does not understand the inherent challenges that can arise in a high asset divorce or fails to adequately evaluate your situation and strategically plan for negotiations or litigation, it could cost you significant time and money.
Why You Need a Knowledge High Asset Divorce Attorney
High asset cases aren’t like other cases, a simple mistake, one misstep, and it may end up costing you and costing you a lot. The process of evaluating the worth of the assets is not a simple one. Nor is the process of determining the tax questions and concerns that arise from the dividing and receiving of certain assets. With so many matters that have to be accounted for, you must consult with an attorney who is knowledgeable about high asset divorce cases.
You can trust the team at Christensen Law to look out for your financial interests when it comes to your divorce. While you carry a heavy burden of dealing with the emotional impact of your divorce, we will focus on the legal and financial ramifications of your divorce and work towards the best possible outcome for your case.
Will my business be considered in the divorce proceedings?
If you own all or a portion of a business in Utah, your business will still likely be considered a marital asset, even if your spouse doesn’t own any portion of it. As mentioned above, Utah is an equitable distribution state, so the value of the business will likely be divided, if your ownership interests were acquired after the date of marriage.
The value of the business (or your portion of ownership in it) will be determined by its fair market value and will usually be split evenly.
If you owned the business before you were married, then this would likely be considered separate property. Your spouse could still claim any increase in the business’ value or appreciation as marital assets, however, if it improved during the course of your marriage.
Because these matters can be quite complicated and each situation is different, it is crucial to discuss all of your business interests with an experienced attorney as soon as possible.
Will I have to divide the assets I had before the marriage took place?
Again, this may be complicated. Typically, assets acquired before the marriage are considered apart from the rest of the marital assets. However, that is not always the case for all types of assets. Again, value appreciation and other factors could be taken into consideration during a divorce and factor into the division of assets.
What does a court look for when determining alimony payment?
There are several things a court will be looking at to determine the amount of alimony a spouse may receive, especially in a high asset divorce case. A court can look at the length of the marriage, age, and health of both spouses, the actual need of the spouse, parental responsibilities, income, and assets.
Will I have to pay child support?
If you and your spouse have a child together, then both parents are financially held responsible for that child. The amount of child support can vary depending on the custody arrangement, assets, and income levels of both parents.
Call Christensen Law for Help with Your High Asset Divorce
The stakes are high enough as it is, don’t raise them by hiring an attorney who is not familiar with the intricacies of a high asset divorce case. A crumbling marriage should not mean that your finances have to crumble as well. You worked hard to get where you are, now protect what you have by calling the right attorney.
At Christensen Law, our Salt Lake City divorce lawyers are ready to help you with your high net worth divorce case, whether it is amicable or more complicated. You are our number one priority, and we treat you that way from the moment you pick up the phone. Don’t lose everything you worked so hard for just because your marriage didn’t work out. Call us at (801) 303-5800 for a free consultation of your case. Let us help you move forward with purpose.