High Net-Worth Divorce Attorney in Daphne, Alabama

Divorce is never easy, but when the parties involved have substantial wealth and valuable assets, this challenging time becomes even more complicated. High asset divorce cases come with a long list of issues and concerns that aren’t relevant in standard divorce cases. If you aren’t prepared for these issues ahead of time, you could underestimate the length and complexity of your case.

While you start planning for life after divorce, it’s important to work with a trusted high asset divorce attorney who understands the complexities of these cases. Our team is committed to working with you to fight for a fair divorce agreement. Set up a consultation now by calling Coumanis & York at 251-990-3083.

Similarities Across Different Types of Divorce Cases

Whether you’re facing a high net worth divorce or a standard divorce, the same general topics have to be discussed. Regardless of how much money is at stake, it takes a careful hand to approach these topics appropriately and negotiate a fair outcome. As you think about what you hope to get from the divorce, think about these issues and what you must get, what you hope to get, and where you’re willing to compromise:

• Division of debts and assets
• Spousal support
• Child support
• Child custody and visitation

While the same basic issues are present across most types of divorce cases, you’ll face significantly different challenges in a high net worth divorce. Know what to expect so you can plan accordingly.

Complicated Division of Assets

If you and your spouse have a high net worth, your division of assets will likely take far longer than it would for a couple with a lower net worth. High net worth couples often have many different types of assets, many of which require expert valuation before they can be properly divided. Furthermore, the transfer of some of these assets can trigger tax consequences. Assets to look for in a high net worth divorce include:

• Business assets, including family-owned companies and professional practices.
• Real estate, including the family home, vacation homes, and rental properties.
• Retirement funds.
• Stocks and bonds.
• Luxury vehicles, furnishings, jewelry, and antiques.

In some cases, assets cannot be divided, or one party wants to retain full ownership of a marital asset. Consider, for example, stock options from one party’s employer. The employer may not permit the transfer of those stocks, even with a divorce order. These assets may have to go through additional steps before they can be properly transferred, or the party wishing to maintain ownership may need to compromise in other areas.

Spousal Support and Child Support

These are extremely complex matters in a high net worth divorce. While the state of Alabama does use a calculator to determine child support, the calculator stops at a combined income of $20,000 per month. If you and your ex-partner bring in more than $20,000 per month, the calculator will not apply to your case and support will be determined based on individual factors. Additionally, children of high net worth parents often have more extensive financial needs. They may attend private school, work with private tutors, participate in expensive extracurricular activities, or travel regularly. All of these additional expenses must be considered in discussions about child support.

Spousal support is a concern without a one-size-fits-all solution. So many factors go into determining alimony/spousal support that you truly need to discuss your specific situation with your attorney. Relevant factors include:

• Each party’s individual assets and how marital assets are split as part of the divorce agreement.
• Each party’s behavior and how it contributed to the end of the marriage.
• The length of the marriage.
• Each spouse’s current and future earning potential.
• The standard of living enjoyed by both parties during the marriage.
• Each individual’s age and health.
• The needs of dependent children produced by the marriage.
• Sacrifices made by one party to support the career and education of the other.

Executive compensation is often a factor in high asset divorces. When you calculate child support and spousal support in a standard divorce, you typically only have to consider the higher-earning partner’s salary. However, those in high asset marriages often hold executive-level roles.

While executives do earn a base salary, that is generally only a small part of their total compensation. They often earn most of their income through performance-based bonuses and awards, including stock options, profit sharing plans, year-end bonuses, and retirement accounts. If you do not consider these additional forms of compensation in your calculations, you could be giving up a lot of child support and spousal support.

Consider the Tax Issues of a High Asset Divorce

The tax implications of a high net worth divorce depend on the unique circumstances of the division of assets. While many assets can be transferred without triggering any tax consequences, some types of asset division can leave one or both parties with large tax bills. When working with your divorce attorney, discuss the tax implications of:

• Real estate sales or transfers
• Transfer of other assets
• Division of company shares
• Transfer of retirement plans

How We Can Help

The team at Coumanis & York has extensive experience in the world of high net worth divorce cases. We know that you’re facing a lot right now, thanks to the natural stress and pain of a divorce combined with the additional pressure of getting your fair share of a significant amount of assets.

Our goal is to guide you through this process as painlessly as possible, get a full understanding of what it is you hope to gain from the divorce, and advocate for you every step of the way. Our team will work with professionals when it comes to asset valuation, uncovering hidden assets, and understanding the tax implications of different divorce decisions.

We will work hard on your behalf to help you and your children keep the lifestyle and security you’ve come to enjoy. At all times, we strive to protect your privacy and resolve issues as quietly as possible. Divorce is hard, but you can help yourself by choosing the right legal team. Set up a consultation with Coumanis & York today by calling us at 251-990-3083 or reaching out online.