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A high-asset divorce requires experienced legal representation

| Mar 3, 2019 | Divorce |

North Dakota residents who are of modest means might think people who have significant assets are happier and do not face the same challenges others do. This is not an accurate portrayal. Everyone has problems in their life and that can extend to a dispute with a spouse that ultimately leads to a divorce. All divorces are different, but it is important for those having a high asset divorce that they understand there is a great deal at stake in terms of property, assets and perhaps a business. Before making decisions that could cause regret later, it is imperative to have legal advice from the start.

Any divorce will have its emotional component. That can be exacerbated if the issues in the marriage go beyond child custody, child support and alimony and extend to which party will get what when there are hefty assets in the marriage. Once the decision is made to part ways, there will likely be concern over who will get and keep what from the marriage. Also at issue is how much the support the spouse who is the higher earner will pay to the other spouse.

When at the end of a marriage for a couple with vast assets, there are some issues that consistently arise. They include: how various properties, businesses, income and retirement accounts will be divided; if it is necessary to have a forensic accountant go through the records and find all the property that could be up for division; decide who will keep properties that were accrued; debts and how they will be allocated with responsibility decided upon; and how properties like a home, a vacation property, jewelry, cars and more will be shared.

A concern high asset couples have when they divorce is that the case will take an extended period – even years – and will never seem to end with funds depleted, relationships damaged beyond repair, and a resolution that neither side is happy with. Experienced attorneys will help to find common ground with the other spouse and see if the case can be negotiated in a relatively amicable way. If the case is contentious, qualified legal help can be useful in those situations too. Calling a lawyer who has experience in divorce cases can help to achieve a fair divorce resolution in a high asset divorce.

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