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(801) 254-9450 (801) 254-9450 A high-asset divorce occurs when a couple possesses significant property or a considerable net worth. Due to the value of the marital estate, these cases frequently involve complications that may not arise in every marriage breakdown.
Given how high the stakes are, it is a good idea to rely on the guidance of a dedicated divorce attorney throughout this process. At Carr | Woodall, we understand the unique nature of these cases and look forward to putting our experience to good use. Let our South Jordan high-asset divorce lawyers advise you of your options today.
Couples with a high net worth generally face challenges that not everyone will experience during the divorce process. Fortunately, a high-asset divorce attorney in South Jordan could assist with resolving these issues on your behalf.
The courts have extensive experience determining the value of assets frequently divided in divorce proceedings, including residential homes and used family vehicles. However, deciding the worth of rare or high-value assets can be challenging. This is partly due to the limited pool of buyers available for property like rare art, jewelry, or commercial real estate. Fewer past transactions can be used to pinpoint the value of these assets.
High-net-worth divorce often involves ownership in one or more business entities. While that is not always a problem, it can be challenging for closely held companies that cannot survive being broken up or liquidated. If the bulk of the couple’s assets are tied to these companies, negotiating a fair resolution is possible but never easy.
Substantial assets mean significant tax liability. This is true from the aspect of income tax debts and even the estate tax obligations that may face future generations. Any mistakes made during the property division process could result in avoidable tax bills that hamper your ability to get a fresh start.
While a high-net-worth divorce has unique aspects, dividing marital property is primarily the same as any other couple. Understanding how this division works is vital for anyone facing the breakdown of their marriage.
Under Utah law, the courts are committed to dividing marital property equitably. This means that the outcome will be fair, even if it does not result in an equal split.
A judge will consider various factors before deciding how to divide marital property equitably. Some examples include the length of the marriage, the health and age of each spouse, and the independent sources of income for both parties.
Making the strongest case possible for a fair division is essential, as the courts rarely revisit how property is split once the final order is entered. A South Jordan lawyer could work with you on your high-asset divorce to ensure you get the outcome you desire.
When it comes to the dissolution of your marriage, the choice of legal counsel is paramount, especially if you and your spouse have substantial wealth. After all, it is a decision that can significantly impact your future.
Carr | Woodall is here to ensure you make the right choice. Reach out to a South Jordan high-asset divorce lawyer with our team today for a confidential consultation.