High-asset and high-net-worth divorces can be complex. There may be so many more considerations that couples need to think about as they move through the divorce process. Failing to evaluate even one of these numerous factors can derail your progress and potentially set you up for a rude awakening when the divorce is finished.
What makes high-asset divorce more complex, and what should you consider when separating from your partner in Michigan?
Five Considerations for Michigan High Asset Divorces
Complex and high-asset divorces in Michigan generally involve spouses with high net worth, business assets, expensive property or real estate, or substantial marital assets. These relationships’ elaborate and complex financial structures can make divorce and the distribution of assets more challenging. Five considerations important to high-asset divorces in Michigan include:
- Property division – Property division tends to be the number one concern during high-asset divorces. Untangling marital assets from separate assets can be a significant challenge. The other issue is cataloging and assessing the value of marital assets, including cars, property, homes, collectibles, antiques, jewelry, art, retirement accounts, and stock portfolios.
- Business Holdings – Another vital consideration is your partner’s stake in your business. If you run your own business or company and your spouse works with you or has contributed financially or through support at home to allow your business to grow and thrive, they may be entitled to a portion of the business.
- Tax implications – When assets are significant or include a diverse portfolio, the tax implications of divorce quickly turn complicated. Understanding how a high-asset divorce and division of property affect your tax burn is crucial.
- Hidden assets – Unfortunately, some individuals resort to underhanded tactics to hide assets, attempting to prevent a spouse from getting their fair share of the marital property they are due. Tracking hidden assets can be difficult without extensive forensic accounting and generally requires an attorney experienced in handling high-asset divorce cases.
- Spousal support – The question of spousal support in high-asset cases can get contentious. Typically, spousal support is more likely in a high-asset divorce situation. A judge can consider numerous factors such as earning potential, quality of life, income disparity, length of the marriage, and other relevant factors when assessing the type of value of spousal support in Michigan.
An Experienced High-Asset Michigan Divorce Attorney Can Help You
Our knowledgeable divorce attorneys at Eisenberg & Spilman, PLLC, know what’s at stake. Our attorneys have experience handling high-asset and complex divorce cases. We take the time to carefully review your situation and use our extensive local resources to help you, intending to achieve the most favorable outcome possible.
We are skilled in negotiating with opposing counsel, contacting the forensic experts we need to be sure we’ve covered all the marital assets, and crafting documentation that supports an equitable division of the property you worked so hard to acquire during your marriage.
Contact our office today and request a confidential meeting with a Michigan high-asset divorce attorney.