Overview

Wading through the financial aspects and legal considerations of your divorce can be overwhelming. Your case requires careful attention now to avoid costly mistakes later. Not only must you be able to identify all property and debt, your attorney must carefully analyze your assets and debts so they are properly characterized and divided in a way that is fair to you. When the marriage or domestic partnership includes high worth or complex assets (businesses requiring valuation, intellectual property, trusts, retirement accounts, securities portfolios, or cash income), experience in complex commercial transactions to scrutinize all details is vital. Even families with salaried incomes or with fewer assets to consider require personalized and focused attention.  You need to consider creative solutions that will divide debt and assets fairly while protecting your future.

 Common Fears

 Financial insecurity plagues many people involved in divorce who fear:

  •       there is too little to go around
  •       their spouse has unrealistic expectations of what s/he is going to receive
  •       their spouse will make excessive demands for emotional reasons
  •       assets have been hidden or transferred in order to keep them from fair distribution
  •       their spouse will demand a share of a family business or professional practice that will negatively impact that business

Rest assured that thoughtful planning and sound advice early on will both allay your fears and prevent their realization.

Common Ground

Although divorcing or splitting up a domestic partnership, couples retain certain common goals:

 

  •    that children are comfortably housed when spending time with either parent
  •    that tax consequences are minimized
  •    that family investments and savings are not devalued as a result of a poorly timed sales
  •    that attorney fees and costs are controlled
  •    that family assets and debts are well managed to preserve resources
  •    that business ownership interests or professional practices that source family support are preserved.

The ability to agree on these common interests saves not only money but time and energy.  By identifying these shared goals early on, the entire tone of the divorce process can be altered for the better. Finally, if you and your spouse or partner can agree how to divide your property and debts, you will not be forced to trial where you will be relying on the judgment of a complete stranger – the judge – to make these decisions for you. Even if you can’t resolve all differences, you may be able to settle portions of your case to ensure your control over the outcome.   

Equitable Distribution

High Net Worth or Hidden Asset Cases

Tax Consequences of Divorce

 

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