High-asset divorces can be complicated and it is important to have an experienced divorce attorney on your side. With the right lawyer, you can ensure that you receive an equitable distribution of your marital assets.
When selecting a qualified divorce lawyer to help you through the divorce process, there are several key factors to consider. First, it is essential to find an aggressive divorce litigation attorney who has extensive experience in handling similar high-asset divorce cases. Most importantly, make sure the you select is someone you feel comfortable communicating with openly and honestly about the details of your situation.
At Clarity Law, our team is available to assist you with issues such as complex property division, finding hidden assets, and dividing the marital estate. Our divorce attorneys will ensure that your rights are fully covered and will provide a personalized defense tailored to your specific needs and preferences. Call our law firm today at (313) 513-1919 for a complimentary consultation!
What is a High Asset Divorce?
Divorce can be a complicated matter when the stakes are high and it involves couples with significant high-value assets. These cases, known as high net worth divorces, require extensive negotiations and court hearings to determine the division of assets.
A high-asset divorce happens when there is a significant disparity in the financial standing between spouses. For example, one spouse may have inherited a lot of money from his or her parents or from a prosperous business.
High-asset divorces typically require extensive financial disclosure from both parties to evaluate the value of their combined estates accurately. For this reason, a high-asset divorce attorney can assist in organizing all aspects of your divorce.
The Benefits of Working with an Experienced Dearborn High Asset Divorce Lawyer
Divorce between individuals with high assets can become even more complex than a typical divorce, and according to Michigan law, all property is subject to fair division regardless of which spouse earned the money. Commingled separate assets may be treated similarly to “marital” ones under this state’s collection of rules and regulations.
Often Asked: How to File for Divorce in Michigan
If you are in a high-asset divorce situation in Dearborn, hiring a qualified divorce lawyer can be highly beneficial. This will help to reduce conflicts and effectively manage legal rights concerning ownership related to the assets acquired before and during your marriage.
Retirement Accounts in a Divorce
Pension benefits and retirement accounts like 401(k)s and 403(b)s make up a significant portion of a couple’s assets at stake. Courts often grapple with complicated questions about how to divide these funds in the event of a divorce.
Qualified Domestic Relations Order (QDRO)
Qualified Domestic Relations Orders (QDROs) are a key component of the divorce process when dealing with complex and high-asset divorces in Michigan. A QDRO is an order issued by the court that directs a retirement plan to pay an alternate payee, such as a spouse, child, or other dependent, part of the retirement assets of the plan participant.
Dividing Retirement Accounts During Divorce Proceedings
The portion of retirement funds earned during the course of a marriage is usually considered marital property, meaning that it is subject to division. For example, most courts calculate the value based on the current age and remaining years left in service, which can be tricky for those who haven’t reached retirement age yet.
In addition, money contributed to a retirement savings account—and any increase in its investments—during marriage is also typically divided among spouses at divorce.
Protecting Your Retirement Assets in a High-Asset Divorce
When going through a high-asset divorce, it is important to protect your retirement assets. It is essential to understand how retirement accounts may be classified in a divorce as well as what steps you can take to protect them, especially since Michigan is an equitable distribution state.
If you are going through a complex divorce and are worried about the asset division of your retirement accounts, contact one of our high-asset divorce attorneys today so we can ensure that your retirement funds are protected.
Real Estate Assets in a Divorce
Real estate is often a major component in the distribution of assets in a divorce. Real estate properties encompass a range of property types including residential homes, vacation homes, rental properties, and others. Various types of property and real estate assets can present distinct legal challenges during the divorce process.
Dividing the Family Home in a High-Asset Divorce
In a high-asset divorce, one of the biggest issues that must be addressed is dividing the family home. As the most valuable property asset in many marriages, deciding who keeps the house can be a major point of contention.
First and foremost, Michigan law requires an equitable division of property. In some cases, this may involve selling the property and dividing the proceeds. However, if one spouse is awarded exclusive possession of the family home, the other spouse must receive some other form of compensation for their share of the equity in the house.
Valuing and Distributing Other Real Estate Assets During the Divorce Process
The property division process can be legally complicated and emotionally stressful for both spouses. The value of real estate properties must be determined before they can be divided between spouses in an equitable manner. This may include homes, vacation properties, investment properties, or even commercial property.
How to Protect Your Fair Share of Real Estate Assets in a High Asset Divorce
Divorces involving high-net-worth individuals can be complex because there may be significant real estate assets to divide. If you are getting a divorce and did not sign a prenuptial agreement to safeguard your real estate assets, it's essential to consult with a lawyer.
Also Asked: How Much Does a Divorce Lawyer Cost?
One of our dedicated divorce attorneys at Clarity Family Law will analyze your case and create a defense strategy to ensure you receive a fair divorce outcome in the long run.
How Property is Divided in a Divorce
Defining and understanding marital property and separate property in a high-asset divorce is crucial. If you would like to consult with an attorney regarding marital and separate property, don't hesitate to call our law office today for a free consultation with one of our experienced family law attorneys.
Defining and Understanding Marital and Separate Property in a Dearborn High Asset Divorce
It is important that every couple understand their rights regarding both joint marital property and their own separate possessions to avoid misunderstandings down the line during divorce proceedings regarding who is due what assets upon dissolution of marriage.
Marital property is any form of wealth or asset that you have acquired during your marriage. This includes joint accounts, 401ks, real property, and business profits that both spouses can share in. Marital property encompasses all financial matters, assets, and investments acquired throughout the duration of a marriage. These could include assets such as a house, car, retirement account, or investments that were acquired during the marriage.
Separate money refers to the assets, money, property, or investments that were acquired prior to the marriage. Separate property acquired outside of the marriage will not be affected and will remain solely in your name.
Inherited money is also considered separate property and cannot be divided between a couple when it comes to estates and assets. Under Michigan law, if you have inherited money or property and have kept it solely in your name, then it will remain rightfully yours upon the dissolution of the marriage.
In order for inherited money to be subject to division, it must be put into a joint account between both parties or used as payment towards marital debts. In this case, these funds would now be seen as part of the marital unit and therefore subject to division during asset allocation.
Call Clarity Family Law Today for a Free Consultation!
If you are facing a high-asset divorce in Dearborn, Michigan, it is essential to obtain experienced legal counsel. At Clarity Family Law, our divorce lawyers understand the unique complexities of high-asset divorce settlements. Our legal team will work hard for you during this difficult time in order to resolve your case in an efficient manner to help minimize disruption in your life.
When you speak with one of our experienced Dearborn family attorneys at your initial consultation, they can help answer any questions about the complex divorce matters you may be facing. We will assess the details of your case in order to develop an action plan tailored to your best interests and get your desired divorce outcome. Contact an attorney today for a free, confidential consultation!