What Is a High-Asset Divorce?
A high-asset divorce involves two spouses with significant wealth and assets. In most cases, there must be more than one million dollars in liquid assets to be considered a high-asset divorce. These assets can include:
- Business interests.
- Stock options.
- Real estate.
- Retirement accounts.
- Trust funds.
- Valuable collections.
How Does a High-Asset Divorce Differ From Other Types of Divorce?
The process of a high-asset divorce differs from that of a traditional divorce in several ways. First, the assets involved are often more complex and difficult to value. Second, the stakes are higher, as the divorce’s outcome can significantly impact the financial future of both spouses. Third, the process can be more time-consuming, as it may take longer to agree on how to divide the assets.
Specifically, the process of a high-net-worth divorce involves the considerations and procedures listed below.
The asset division process is more complex in a high-net-worth divorce than in a traditional divorce. This is because high-net-worth individuals typically have more assets. The asset division process in a high-asset divorce can take months or even years to complete because there are often more factors to consider, such as the value of businesses, the ownership of the real estate, and the division of retirement accounts.
In a high-net-worth divorce, child support payments are often higher than in a traditional divorce because high-asset individuals have the ability to pay more. The amount of child support paid in a high-net-worth divorce is determined by several factors, including both parents’ income, the children’s needs, and the standard of living that the children are accustomed to.
In a high-net-worth divorce, spousal support payments are often larger and for a longer term than in a traditional divorce. A number of factors determine the amount of spousal support paid in a high-net-worth divorce, including the income of both spouses, the length of the marriage, and the needs of the spouse seeking support.
In a high-net-worth divorce, discovery is more extensive than in a traditional divorce. This is because high-net-worth individuals typically have more assets and financial information to be disclosed to the other party. Discovery can involve many different methods, including document requests, interrogatories, and depositions.
Mediation is a process where both parties meet with a neutral third party, called a mediator, to discuss their divorce and try to reach an agreement. Mediation is often used in high-asset divorces because this more informal process can help to resolve disputes quickly and efficiently.
If mediation is unsuccessful, a high-net-worth divorce may go to trial. Trials in high-net-worth divorces can be complex and expensive. If you are considering going to trial, hiring an experienced attorney familiar with the process is essential.
The Importance of Working With an Attorney Familiar With High-Asset Divorces
With their expertise in financial matters, knowledgeable high-asset divorce attorneys are the best option for protecting your assets and achieving the best possible divorce outcome. They have an in-depth understanding of complex financial transactions and can easily navigate them. In addition, they have access to a network of financial experts, forensic accountants, and tax professionals for additional support and guidance.
Experienced high-asset divorce lawyers are adept negotiators who will tirelessly advocate for favorable settlements. If litigation is required, they are prepared to take the steps necessary to protect your interests. Knowledgeable and experienced divorce attorneys are invaluable assets due to their specialized knowledge and skill set during this challenging time.
Why Should You Choose Balekian Hayes, PLLC, for Your High-Asset Divorce?
Every high-asset divorce is unique, and Balekian Hayes, PLLC, understands the importance of tailoring strategies to each client’s specific needs and goals. Founded by Kris Balekian Hayes, our attorneys know the unique challenges that high-net-worth individuals face in divorce, and we are committed to helping you achieve your goals. We have assisted clients in protecting billions of dollars in assets, retaining full ownership of their businesses, and obtaining custody and child support.
Five Benefits of Hiring Balekian Hayes, PLLC, For Your High-Asset Divorce:
- Experience: Our attorneys have over 20 years of experience representing high-net-worth individuals in divorce. We have a deep understanding of the law and the process.
- Knowledge: Our attorneys know the unique challenges that high-asset individuals face in divorce. We understand the importance of protecting your assets and will work tirelessly to ensure you receive a fair settlement.
- Competence: Our attorneys are highly skilled and competent. We are committed to providing you with the highest quality of representation.
- Communication: We are committed to communicating with our clients throughout the divorce process. We will keep you informed of your case’s status and answer any questions you may have.
- Compassion: We understand that divorce is a difficult time for everyone involved. We are compassionate and understanding and will work with you to get through this difficult time.
Is it Time to Dissolve Your Marriage?
Contact Balekian Hayes, PLLC, today to schedule a consultation if you are a high-asset individual going through a divorce in Dallas, Texas. We will work with you to develop a plan to safeguard your assets and achieve your objectives.