High Net Worth Divorce Attorney
Divorce always comes with tension for at least one of the people in the relationship, and this tension can be at its peak for those who have a high net worth. These high net worth individuals are left with the burden of putting their financial futures at risk. This can be heartbreaking for them, and they certainly will need a divorce attorney in Scottsdale who understands that they need to protect their properties and someone who can help them fight towards protecting themselves.
Dividing assets is usually the most difficult process in any divorce case. You can imagine what it would be like for those individuals who have a lot of assets. Coming to a fair agreement can be a very difficult thing to do. When the assets to be divided between two partners are so much, the division can always lead to a disagreement.
Things to consider when going for a divorce:
Here are just a few but important things to consider when going for a divorce, especially when it has to do with individuals with a high net-worth.
There are hundreds of divorce cases involving high net-worth individuals. In these cases, either one or both partners do have at least a business that is usually affected by the divorce. So when going for a divorce case, it is highly important that you find out how to protect your business especially if you are classified as a high net-worth individual. Protecting your business during an ongoing divorce case is crucial to your financial future and the success of your business.
Issues of tax
Just as getting married attracts certain tax implications, there could also be tax benefits or consequences in getting a divorce. This is especially true for high net-worth couples. Some tax issues that you should put into consideration as a high net-worth individual are:
- Which of the parents will be responsible for the future tax return on a dependent child or children.
- Find out if liquidating marital assets like your house would involve any tax consequences.
- Find out if there would be any capital gains on the liquidation of certain marital properties and possessions.
- Find out if filing taxes jointly or separately for the year of the divorce would be of any benefit.
Knowing marital property differences from separate or personal properties
Knowing the difference between a marital or community property and a personal property is one of the most vital things for high net-worth individuals to understand when undergoing a divorce case. This has become a big deal in and out of Scottsdale, and it is a key distinction for any wealthy individuals involved in divorce proceedings.
Marital property also referred to as community property, is just anything that was obtained in the course of the marriage. Nevertheless, it is very possible for certain separate properties to be converted into marital properties. It is important to note that fighting to get more of the separate property which was declared as a marital property would be in your best interest, especially if it is a divorce case that has to do with the high net-worth couple.
Knowing what marital property is will be helpful during your divorce proceedings. In the state of Arizona, the law holds that separate property includes the following:
- Assets that were acquired before the marriage
- Assets acquired through inheritance
- Assets that are traceable to separate property, including proceeds from the sale of a home that was acquired prior to the marriage
- Assets that both spouses agree constitute separate property
Community property consists of property that was acquired by the couple after the start of the marriage. Examples of community property include:
- A family home purchased after the marriage
- Investments entered into after the marriage
- Businesses that were started after the marriage began
- Cars, boats and other vehicles purchased after the marriage
Prenuptial agreement is a common part of divorce cases involving high net-worth individuals. It is perfectly normal for people going into a marital relationship with a lot of personal assets to want to protect these properties in the coming future. Based on how far your divorce case has gone, making provisions for your prenuptial agreement to be thrown out or upheld can be an important consideration for your divorce case.
Other issues that must be considered when going for a divorce case:
Stock ownership and stock options
Stock ownership and stock options are other high net-worth assets that require the maximum help and guidance of an expert. It is certain that a high net-worth individual would have both the unvested stock and vested stock options. Due to the high and precious value of every stock, a real expert who knows the value of such would be required in the divorce case for both parties to arrive at a fair settlement.
Future pensions are often a common part of divorce cases in Scottsdale involving high net worth individuals. well, it is not only common in the city of Scottsdale, but it has also been noticed in other parts of the world too. As we already know, knowing the value of such a future asset can be a really difficult thing to do. Dividing an existing pension is quite different and easier than trying to figure out the future value of a future pension, especially if the person involved is not retiring any time soon.
Divorce cases involving high net-worth individuals can be very complicated as well as contentious. If you are considering going for divorce, whether you are a high net-worth individual or not, it is always best and advisable to get an attorney who is experienced in divorce cases. Your attorney would make sure he does all he can to protect your rights, and more specifically, your interests.
See more information on divorce cases here at Tiffany Fina Law Firm, and be sure to make all decisions throughout your divorce proceedings with care and with professional advice from your lawyer in Scottsdale.
Here is How To Schedule a Consultation with Scottsdale Divorce Attorney Tiffany Fina:
Tiffany Fina Law Firm
7411 E 6th Ave, Scottsdale, AZ 85251