New Haven High-Asset Divorce
Generally, a high-asset divorce is an unofficial term used by lawyers. All divorces, regardless of the assets involved, are generally treated the same.< The judicial branch has a cutoff figure for a high-asset divorce where the gross annual income in excess of $75,000. That is the judicial branch’s invisible line between a high asset and low asset divorce. However, even if you do not make a lot of money per year and you have a lot of assets but not a lot of debt, you can be considered a high-asset divorce. If you are looking to get a divorce, it is very important to contact a New Haven divorce lawyer. Divorces can be emotional and confusing, and so a lawyer can play an important role in ensuring the process goes as smoothly as possible, and that the decisions you make will benefit, rather than hinder, you and your loved ones in the future.
Difference from Other Types of Divorces
With a high-asset divorce, there is the need for experts. In divorce cases, you need an expert to value a business, real property, or a particular asset, such as a long-term pension or some kind of collection like a car collection. You might need an economist to figure out the person’s employability, their average salary, their future earnings, and the future value of a particular portfolio.
When there is a large amount of assets in consideration, these professional become more important since there are more assets involved.
A common issue that people with high assets face is undervaluing or overvaluing assets. It becomes a battle of the experts. As such, you need a lawyer who knows how to navigate the complex financial aspects of a divorce.
Other common issues include undervaluing or valuing an asset in high amounts of alimony and an unreasonable and inequitable division of property.
Identifying and Valuing Assets
It is very easy to identify the high value assets or the assets in a high net-worth divorce in terms of valuing them. Generally speaking, a very specific expert is needed to value assets. There are experts who can value different types of assets all at once. That is why you need a lawyer. Identifying valuable assets are fairly easy initially. People of high net worth know what is of high value. However, in terms of actually placing a value on assets, the more experienced and knowledgeable experts are needed to do that.
Importance of Consulting with an Attorney
People going through a high-asset divorce generally need an attorney because of potential issues or conflicts with the experts called to value assets.
One of the ways an attorney protects affluent clients in a complex divorce is by doing a property division with the assistance of an accountant or tax lawyer to avoid tax liability or lessen the tax liability. Also, divorce attorneys protect affluent clients by ensuring that the high value asset is split equitably and premarital assets remain separate from the marital assets.