High-asset divorce involves individuals who have accumulated significant wealth and assets during their marriage. Due to the value of their assets and lifestyle, the divorce tends to be complex. It can be challenging to decide how to divide the assets fairly, as well as determine child custody arrangements. This is why you may need expert legal advice to navigate such issues.
Why are High Asset Divorces in Arizona Complex?
All divorces involve two people who are married, but want to separate legally. However, the divorce process can be complex, depending on the complexity, time, and financial considerations involved. In an uncontested divorce, the process is fast and relatively easy. On the other hand, a contested divorce involves a longer process, which can at times be volatile.
In high asset divorce cases, several essential factors tend to come into play, including substantial amounts of money, property, and other assets. While issues such as property are simple and straightforward in uncontested divorce cases, they become complex in a contested divorce. Every detail now becomes important, with a comprehensive approach needed in accounting to determine how the assets will be fairly divided. If one spouse is the primary breadwinner, it becomes challenging to achieve a transparent and fair division of the assets.
Important Considerations in High-Asset Divorce
In a standard divorce, most decisions involve splitting the custody of children, and dividing assets such as the house, vehicles, and bank account. For a high-asset divorce, a lot more factors come into play. In addition to the issues involved in a standard divorce, you now have to make decisions regarding additional real estate, such as vacation homes, a second or third home, and even rental properties.
The divorce process involves the evaluation of any business interests you have invested in or are involved in. This could be stock shares, ownership percentages, and other business assets or holdings. The evaluation also covers your bank accounts and vehicles, as well as pension and personal items like artwork and jewelry. If any debt has been incurred in the marriage, it is also assessed and allotted. In addition, the issue of child custody and support can become complicated, especially when discussions about vacations and overseas travel are involved.
Dealing with Spousal Support in High-Asset Divorce
One of the key factors that needs to be settled during a high-asset divorce in Arizona is spousal support. This usually becomes an issue of contention when one or the other of the spouses is the primary breadwinner in the relationship. Therefore, it becomes unlikely that both spouses can leave the relationship with no support.
Due to the complications of a high-asset divorce, the major considerations include deciding who will pay, who will receive, and what type of spousal support to provide. Other factors that may need consideration include whether one spouse helped or supported the other through specialized schooling or in their career. The number of years the spouses have been together and the duration of the marriage are also major considerations.
Assets Not Divided During a High-Asset Divorce
With matters of property division, the most important truth is that no party involved in the divorce should attempt to hide assets from the other spouse or the court. From the onset of your case, your divorce attorney will advise you to be completely transparent. Attempting to hide assets is illegal, which can result in the level of perjury that is punishable by fines and potentially jail time.
Hire a Trusted Family Lawyer for Your High-Asset Divorce
Like any other issue associated with divorce and family law in Arizona, the court does not require you to have a lawyer to assist in your high-asset divorce. However, the complex nature of this type of divorce makes it necessary to have legal support. At Schill Law Group, we will help you understand what your case involves and develop a winning legal strategy for your high-asset divorce. Call us at (480) 680-7432 to get started.
