Strategic Approaches to High-Asset Divorce: Protecting Your Financial Interests

What Determines If I Have a High Asset Divorce?

When a couple divorces, it is always an emotionally laden process, and many difficult decisions must be agreed upon. Such as child custody and support, possible alimony, division of assets, and much more.

However, a high-asset divorce involving property, stock portfolios, art, and more usually demands another layer of legal strategy and complexity. These types of divorces can be the most challenging and rigorous things you may ever have to endure. Often, high stakes are involved, as you and your spouse may have much to lose.

Therefore, if you are engaged in a high-asset divorce, you must have an Alabama divorce lawyer who thoroughly comprehends and has the experience to guide you through this arduous legal process and protect your interests.

In any high-asset divorce, valuable assets, debts, and issues may be involved, such as high-end properties, stock portfolios, business real estate holdings, family-owned businesses, significant bank accounts, etc. These divorces commonly involve over one million dollars in assets and often significantly more. They differ vastly from a “normal” divorce and involve property and business valuations, asset value determinations, and frequently experts who must put a firm value on valuable items such as art, antique vehicles, etc.

So, given the legal complexity and what both parties could gain or lose, you must have a formidable, experienced, and detail-oriented divorce attorney who will protect your rights and interests. Your divorce attorney must also have the resources and work with CPAs, business, and real estate appraisers so that the actual value of all the holdings can be correctly determined.

What You Must Understand About Alabama’s Marital Property Laws.

When they consider divorcing, most Alabama residents believe that they will automatically receive 50 percent of everything; however, that is not usually what occurs. Alabama is not a community property state and typically does not award assets evenly (50/50)

Alabama is an equitable distribution state, and the courts still use “equitable distribution” when dividing assets. So, when discussing assets such as the family home, other real estate, bank accounts, and more, never assume you will receive 50 percent. The Alabama courts usually determine a fair and just division of all shared property and assets.

So, in a high-asset divorce, this method of dividing assets becomes even more challenging and often depends on your high-asset divorce attorney’s skill and thorough knowledge of the situation.  

In any divorce, especially in a high-asset situation, you must have a vivid and complete picture of all the relevant assets that may be affected.

Assets are divided into numerous categories in these divorces and include such items as;

• Real estate, such as family homes, vacation homes, or rental properties.
• Securities, bonds, mutual funds, pension plans, IRAs, etc.
• All retirement accounts and life insurance.
• Detailed information on all bank accounts and cash.
• All personal property, such as vehicles, boats, jewelry, collectibles, high-value clothing, precious metals, etc.
• Original, authentic, and valuable art.

When going through a high-asset divorce, every asset must be valued and accounted for, and it is also essential to determine whether these items are joint property.

So, because you cannot expect to get 50 percent of all assets in an Alabama divorce, you and your experienced and well-versed high-asset divorce lawyer must catalog and evaluate all the assets in question. This can also become expensive, as most couples in high-net-worth divorces will contest many of these financial issues; however, a lot is at stake.

What Are Some Strategies I Can Use To Protect My Assets In a High Asset Divorce?

Keeping your assets safe during a high-asset divorce does not just concern equitable distribution. You and your attorney must implement strategies to protect your assets during the divorce proceedings and in the future.

Below are some examples of legal means used to protect your assets;

• The use of prenuptial or postnuptial Agreements – These legal tools are precious to protect your assets. Using a professionally and well-drafted prenuptial or postnuptial agreement will specifically detail how the distribution of assets will occur if you and your spouse divorce.
• Establishing a trust – Professionally establishing a trust is a very effective way of safeguarding specific assets. Well-drafted trusts protect inheritances, business holdings, and other assets by legally separating them from your marital estate.
• Drafting separate property agreements – Your lawyer can draft these documents, separating any property acquired before your marriage or by gift or inheritance.

There are also strategies for protecting specific finances, such as;

• Keeping separate bank accounts – By keeping separate accounts, you can clearly show what is considered separate property.
• A complete understanding of tax laws – This is a crucial aspect of asset protection and can affect the actual value of the assets you retain.
• The avoidance of premature asset liquidation – Liquidating assets without proper planning will lead to tax burdens and financial loss.

How Can a High Asset Divorce Attorney Help Me?

As stated, a high-asset divorce will significantly differ from most other divorce proceedings. Your high-asset divorce attorney, well-versed in these cases, will know how to analyze all the facts and data and draft a well-thought-out strategy to protect your rights and assets.

Just some of the things your lawyer will do are;

• Perform a detailed and thorough assessment of your finances, etc. – Your attorney will assess your assets and financial situation and the goals you’re trying to attain.
• They will strategically plan a strategy – Based on your assessment, a plan will be drafted tailored to your unique circumstances.
• Negotiation and possible mediation – When issues arise, they will use negotiation or mediation to minimize the conflict and your expenses.
  Litigation – If necessary, your high-asset divorce attorney will be totally prepared to vigorously promote and defend your interests in court and strive always to ensure a fair resolution to the conflict.

I’m About To Go Through a High-Asset Divorce Proceeding; How Should I Proceed?

You must note that any high-asset divorce is a complex legal proceeding whose outcome will impact your future and finances. However, if you have the guidance of an experienced high-asset divorce attorney, you’ll always have sound and prudent legal counsel. You can confidently move forward, knowing your future is in expert and capable hands.

Jim Golden Law can provide you with the professional guidance and knowledge you need based on years of experience in handling divorce and high-asset divorce cases. He has the background and experience to fully understand your case and provide you with proven solutions and legal options designed to reach your goals and protect your rights.

Call him today at 866-950-6652 and get a consultation on your case. Jim Golden Law will always strive to give you and your finances the utmost legal protection and will stand by your side to ensure you get what you deserve.