Divorce cases most often go wrong because of the attorneys handling the case, and the techniques (or lack of techniques) that are used in the case. We are different from other law firms because we specialize in divorce and family law, know the legal roadblocks, and will guide you through the daunting divorce process with a personalized strategy.
Denver High Net Worth Divorce
A Successful High Net Divorce Starts With Finding The Right Lawyer
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It is common for high net worth divorce cases in Denver to last for many months, sometimes years, and cost a fortune as the issues get settled with litigation through the family courts.
However, there is another way.
With the help of the experienced divorce attorneys at Colorado Legal Group, successful resolution of the divorce is possible with a negotiated settlement that works in everybody’s best interests. We have great experience in bringing disputing parties together and working towards settlements that avoid long delays, great expense, and high-stress levels.
Wherever that’s not possible, we are well prepared to defend your best interests aggressively in court but will seek other possibilities first because we believe saving you time and money is in your best interests.
What is considered high net worth?
In the past, a high-net-worth divorce was defined as involving more than one million dollars in net liquid assets. However, nowadays, it’s generally considered to involve many millions of dollars.
Sometimes cases involving future high net worth are also an issue–for example a new business venture that is anticipated to be worth millions in the near future.
Why are high-asset divorce cases often more complex?
In general, when there is a high value of assets, property, cash and investments in a divorce case, it is more complex to reach a settlement. It is a fact of life that resolutions are more challenging when there are considerable assets at stake. One partner may want to claim more than the other partner is prepared to let go of. Often high asset divorce cases also involve separate property that needs to be traced, for example an inheritance or property owned before the marriage.
Similarly, the subject of spousal support may be difficult to reach agreement on in high net worth cases because one spouse is likely to have a significantly higher income than the other. In many cases, one spouse earns income while the other looks after the home and children, creating complications for both spouses when the relationship breaks down. This can make settlements far more difficult and litigation more likely.
The courts are often sensitive to the financial dependence that one spouse may have had on the other and the associated impact that a marriage breakdown has on their lifestyle. In these cases, awards of spousal support may be substantial but may be reduced or increased with the help of an experienced lawyer.
Contested divorces usually take much longer to resolve than divorces where fewer assets are at stake. They require special skills from your legal representative. Other dedicated professionals may also need to be involved to provide professional opinions or evidence, such as appraisers and business valuators.
As such, your lawyer should be a trained negotiator able to work with a network of professionals to assist with:
- Tax assessments
- Forensic accounting (if there are suspected hidden assets)
- Private investigation
- Property valuation
- Business valuation
- Vocational evaluation
Without a comprehensive approach, you may not be able to optimize the divorce settlement outcomes you desire.
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Which assets will be divided?
Each spouse in the marriage is considered to have an equal claim to any assets accumulated during the period of the marriage.
So, separate property remains the property of each individual spouse and “marital assets” are split 50-50 down the middle.
“Separate property” is classed as anything obtained before the marriage or given as a gift or inheritance.
So, the standard approach is as follows:
1. Identify the assets (including a determination of whether or not said asset is considered property or not, for example unvested retirement or stock options)
2. Categorize each asset as marital, separate, or a combination of both
3. Value the marital components of each asset
4. Distribute marital assets equally between the parties
However, calculations can become complex when they stretch beyond the marital home and basic investments and savings accounts.
Complexities often arise when attempting to value:
- Multiple real estate holdings
- Multiple business holdings
- Stock and stock options
- Proceeds of an inheritance
- Other income-producing assets
- Retirement accounts
Each of these assets are likely to be substantial in the case of divorces involving high-net worth individuals. There may also be other assets that are not always easily valued.
Additionally, some assets have different levels of liquidity or transferability. You need a lawyer who understands these potential complexities.
Sometimes an equitable solution is not possible even with the well-intended intervention of lawyers, arbitrators or mediators.
It is then left to the court to decide who owns what and your lawyer will need to make a strong case for each disputed asset.
How can our lawyers help you during a high net worth divorce?
When the stakes are high, as with divorces involving a high value of assets, hiring an experienced divorce attorney to fight for your best interests both in and out of court is essential.
Not every divorce attorney is equipped to manage such cases. If not handled correctly, the outcome can be disastrous for high-net worth individuals.
Our Denver divorce lawyers will help you navigate the complexities of a high-net worth divorce. We are prepared to fight for an equitable settlement out of court.
If that’s not possible, we’ll aggressively defend your best interests, protect your privacy, and minimize your risks when dividing assets and arranging child custody and support through the Colorado family court system.
Need help with a high net worth divorce in Denver??
Call Colorado Legal Group at 720.594.7360 or get started with a free case evaluation.
Need Help With Divorce?
Life is too short to be anything but happy. Call Colorado Legal Group at 720.594.7360 or get started with a complimentary case evaluation.
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1777 S Harrison St. #1050
Denver, CO 80210