Going through a divorce is always a stressful experience. However, it can be particularly stressful for high asset couples, as their divorces can be significantly more complex, including difficult-to-divide assets, shared business and investment interests, and spousal support payments.
The high net worth divorce lawyers at Talley, Turner, Stice & Bertman offer a collaborative “total team experience” that includes professionals with a broad range of experiences who work together to achieve the best possible outcome for your case. Contact our Norman, OK, law firm to schedule a consultation with an attorney who prioritizes good communication and will keep you informed throughout the divorce process.
High asset divorce is a divorce involving significant assets that are challenging to divide between the spouses. Some of the common types of assets seen in high asset divorce cases in Norman, OK, include:
While these divorces often involve assets with large dollar values, the primary feature that distinguishes them from standard divorces is the complexity of the case.
High asset divorces are more complex for several key reasons, including business valuations, asset division procedures, hidden and undervalued assets, and the need for the parties to maintain their lifestyles post-divorce.
If you and your spouse share ownership of a business, it’s essential that it is properly valued. This is because, in many cases, one spouse may retain the business while the other receives assets of equal value.
The assets involved in a high net worth divorce are frequently difficult to divide between the parties, including retirement accounts, investment portfolios, and real estate properties. In these cases, assets may need to be sold and the proceeds divided, or they may be valued so that other assets can be split in their place.
Sometimes, spouses attempt to conceal or undervalue marital or personal assets in an effort to influence the division of marital property. This can be challenging to uncover without the assistance of an experienced attorney and a forensic accountant specializing in these types of cases.
In some Norman, OK, divorce cases, one spouse may seek alimony, also known as spousal support. This is a payment from the higher-earning spouse to the lower-earning spouse to help maintain the lifestyle established during the marriage. It is particularly common when one spouse has been out of work for an extended period and may struggle to re-enter the job market.
Attempting to handle a high asset divorce without proper legal representation can result in you making some common mistakes that can have a catastrophic effect on your financial future. These mistakes include:
Our Norman, OK, law firm handles each high asset divorce case with the compassion, care, and tenacity it deserves. We conduct thorough asset reviews to identify and value each asset, work with forensic accountants to uncover hidden assets, negotiate on your behalf with your spouse’s legal team, and represent you in court hearings.
High asset divorce cases involve several key steps that our lawyers will handle so you can focus on taking care of yourself and your family.
Our law firm has the knowledge and resources necessary for taking inventory of significant marital assets, regardless of what form they take. We have multiple divorce attorneys, as well as numerous support staff members who are dedicated to serving our clients’ best interests.
Our lawyers work with financial experts to properly value your assets, including businesses, investments, real estate, retirement plans, and non-traditional assets. Asset valuation is a critical step in making sure that not only is the marital property division fair, but also that it proceeds as smoothly as possible.
Discovery is a crucial phase in any legal proceeding. It involves the attorneys of both sides requesting and sharing documents, so that both sides are on the same page regarding the facts of the case. For high asset divorce cases, this typically means disclosing financial documents.
Most legal cases end with a settlement rather than going through the courts. Planning and agreeing to a settlement can be particularly beneficial for high asset couples who wish to keep their finances out of the public record.
Depending on the income imbalance between you and your spouse, spousal support may be something you need to consider. It provides compensation for a spouse who cannot maintain their standard of living following the divorce.
Additionally, if you have minor children, your divorce must include a parenting plan, child custody agreement, and child support order. Your divorce cannot be finalized until these documents are agreed upon or decided by a judge.
Once you and your spouse have agreed to the terms of your divorce, it’s time to start putting your divorce plan into action. This means moving assets out of and closing joint accounts, updating insurance policies and estate plans, signing over property titles, and preparing for a financial future separate from your ex-spouse’s.
Below, we’ve answered some of the most common questions our clients have about high asset divorce in Norman, Oklahoma.
A general definition of a high asset divorce is one in which the marital assets exceed a value of $1 million. However, a better way to think about high asset divorces is that their assets are not only high in value, but also in complexity.
Keeping a high asset divorce confidential is often in the best financial interests of the parties. Our lawyers can help keep the details of your divorce as confidential as possible by working on out-of-court solutions, including negotiation and mediation with the other party.
Retirement accounts can be divided. However, you must obtain a qualified domestic relations order (QDRO) to do so properly. This order allows the spouse who receives the retirement plan benefits to report the payments as if they were from their own account.
If you need assistance with a high asset divorce in Norman, contact Talley, Turner, Stice & Bertman. Our law firm can assist you throughout the entire divorce process, providing you with trusted legal advice and representing your best interests.
