Some divorces involve substantial assets and wealth. Divorces with higher valued assets may include large real estate holdings; there may be one or more professional businesses, limited liability companies, corporations, or professional businesses involved in a high-asset divorce. High assets divorces may involve trust accounts, brokerage accounts, stocks, pensions, and a variety of retirement accounts. Some higher-asset divorces may involve prenuptial agreements.
There are also the possessions that people generally think of in higher-asset divorces that are subject to division: large house, vacation homes, multiple vehicles, boats, trailers, tractors, farm implements, firearms, tools, coin collections, country-club memberships, etc. Frequently, these types of assets are issues of contention.
Naturally, larger asset divorces present their own unique issues and complexities which frequently involve determining the worth of certain assets, particularly when the asset is a business or real estate. There are different experts we utilize in assisting our clients.
High-asset divorces usually involve significant debts or liabilities. The debts can present their own complex issues. The complexities of the liabilities may involve the number of promissory notes, whether assets are collateralized and cross-collateralized, whether bankruptcy is a consideration, and the impact on the division of assets if a bankruptcy is filed. There are also issues regarding the ability to pay certain debts and who will assume the responsibility for the debts.
High-asset divorces frequently include at least one significant wage earner. In these situations, maintenance, also known as spousal support, is frequently an issue in higher asset divorce cases. Litigating the issue of maintenance can sometimes be as complicated as litigating the valuation component of the assets themselves. And if minor children are involved, child support is also a major issue.
High-asset divorce may further complicated where one spouse is well-informed of the martial assets and has left the other spouse with little information or knowledge as to the assets, their values and liabilities. In these situations, additional work is generally required to obtain the necessary information.
Scott is experienced and well-versed in handling high asset and high debt divorce proceedings. Scott has litigated and settled numerous cases involving all of these issues and more. Contact Scott today at (573) 821-4103 to schedule your consultation to assist you with your case.