How Does Your Accumulation Of Wealth Get Handled In A Divorce
Marriage dissolution is in more ways similar to a business dissolution, especially when it comes to property and assets. In a case of divorce, a divorce lawyer will consider the financial holding of the divorcing couples, identify and evaluate it, value the assets and properties while also distributing the assets among affected parties.
In the event of a hefty financial settlement between the divorcing couple, each of the steps involved in the overall process of dissolution may be more complicated, resource-intensive, time-consuming, and may often take about a year to resolve.
Wealth affects divorce in a number of ways and below are some of them;
Marital agreements are often a factor
Wealthy couples are more likely to have a prenuptial or postnuptial agreement in place. These agreements are often times put in place to protect individual assets, protect businesses, pre-determine alimony, or also safeguard large inheritances and other assets in the event of divorce. When negotiating during the divorce, an attorney will be guided by the terms of the agreement using it as a guideline in asset distribution. A prenuptial agreement can however be challenged in part or whole, this depends on the validity, fairness, and whether or not the agreement is legally enforceable.
Dividing business interests, property, and other assets
Wealthy people often hold their wealth in the form of business ownership, business interests, investments, intellectual property, tax shelter, real estate holding, international holdings, limited partnerships, high-value collections, and more. However, all of these assets must be properly traced and valued by the services of a legal professional to best determine the full picture of the couple’s wealth. Only when the full picture of the couple’s wealth is understood can the asset and property division process begin.
A Team Of Experts
Couples, depending on the level of wealth may need the services of accounting and tax professionals, forensic accountants, financial advisors, appraisers and real estate experts. In high-asset divorce cases, the listed experts will be required to work in conjunction with divorce attorneys and their legal teams, legal experts in business, real estate, intellectual property, trusts and estates and more.
Spousal maintenance (this is also known as alimony or spousal support) is one of the major issues in divorce and is known to be a major bone of contention especially for high profile divorce cases. Demand for spousal support can also affect how properties are shared and distributed. In the event one of the partners seeks to maintain complete control of a business, the other partner may be entitled to additional payment.
Divorce Cases And The Public Eye
Most high profile divorce cases are settled outside the court. In the event of such cases as this, out-of-court settlement are made to prevent public scrutiny. In addition, there are also some legal ways to prevent public access into such cases thus making the process a private process. However, in the case of litigated divorce cases, details of such cases are likely to be publicized.
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