Involved in a High Asset Divorce?
Not All Divorces Are The Same
It comes as no surprise when we say that not all divorces are the same. Couples have different needs, different issues and among other things, different assets. At Switalski Law, we work with couples and parties of all income levels but specialize in understanding the nuances of high asset divorce cases and will develop creative strategies to equitably divide the assets and liabilities in a way that doesn’t break the bank itself.
Assets to be considered. Retirement, business assets, collections, property, bank and other accounts that exist, investments, and more.
Time. Because of the very detailed nature and at times difficult to value, high asset divorces can take longer to resolve as they require a greater expertise and valuation to ensure that marital property is determined then divided equitably. Remember, equitable does not always mean equal.
Expense. The amount of information that must be collected and discerned makes these types of cases more expensive by nature. We always tell our clients however, how much is it going to cost you not to do it? In a recent case, our client spent an additional $7000.00 in attorney fees to gain over $300,000.00! That is a pretty good return on his investment!
Experts. These types of cases often require the use of other experts in the field especially in the areas of business valuation and taxation. Shifting market trends and business demands along with regular tax reform requires the combined expertise of a team that already exists at Switalski Law.
Your financial future is a top priority at Switalski Law and we engage with only the best to ensure that when your marriage or relation is ending, your assets survive.
Again, high asset divorce cases often impact the following areas:
Business Assets and Division. The parties are going to need to open the books. A privileged discussion with a knowledgeable attorney is a must before filing for divorce to understand the nuances of the marital interest in a business and to protect against unnecessary disclosures.
Assumption of Liabilities. What happens when liabilities begin to outweigh assets? Or when assets become liabilities such as in the case of timeshare properties and other investments that do not realize their potential? That boat that you bought in the marriage that is aging, underused and expensive to maintain? Who wants that?
Spousal Support and/or Financial Property Division. Depending upon the length of the marriage, business interests can impact spousal support and/or to prevent double dipping when figuring these numbers, expert business valuators and creative legal strategies can make for cost effective settlements for both parties.
Tax Implications. Division of assets must always include an analysis of the tax implications. Nothing is worse than believing you have equitably divided property then finding out that the tax consequences far outweight any benefit realized.
WHAT TO DO FIRST? HOW CAN I PREPARE?
Our answer is always the same: DOCUMENT, DOCUMENT, DOCUMENT!
The sooner we start protecting the assets and taking an offensive approach, the better off our clients will be. You have built an incredible asset base and no one wants to lose what you have worked so hard to gain whether you are the business owner building the total assets, supporting the spouse who is performing the work, both or somewhere in between. How these items are divided, earned or obtained, contribution, valuated and more is worth the time and expertise of an experienced and skilled family law attorney along and a team of experienced professionals.
You simply cannot afford not to do this well. At Switalski Law, we provide the best team to guide you through the divorce process while mitigating loss of assets during division and protecting our client’s interests. It is not easy, but we can do it as painlessly as possible.
For more information or to have a consultation to obtain more specifics, please do not hesitate to call Switalski Law at 586-493-9000. Waiting does not make it easier. Or less expensive.