Divorce Attorneys in Homewood
The decision to divorce is never an easy one. Once you’ve decided it’s the path forward, it’s time to talk to an attorney who can ensure that you are treated fairly throughout this process. There’s a lot at stake in the dissolution of a marriage and rushing through the process or listening to your ex-partner’s advice can cost you assets, parenting time, and peace of mind.
If you’re facing divorce, our team of Homewood, AL divorce attorneys can help you make a plan and decide how you want to move forward. Set up a consultation with Kirk Drennan Law right away by calling us at 205-803-3500.
Your Choice of Attorney Matters
You have a lot of options when it comes to choosing a divorce lawyer in Homewood, AL. Remember, though, that the attorney you choose can have a big role in the outcome of your divorce case. If you or your partner have substantial assets or a high net worth, it is crucial to work with an attorney with extensive experience in this area.
This type of divorce comes with its own unique challenges. There is a heightened risk of hidden assets, which have serious repercussions. You’ll need an attorney who knows how to use forensic accounting and other professional services to uncover assets your spouse may be trying to hide.
Additionally, those in high-net-worth marriages are often concerned about their privacy and their reputation. A messy divorce can land you or your ex-partner in the news—and not for a good reason. At Kirk Drennan Law, we understand that these matters need to be handled delicately and appropriately for you, your ex-partner, and the children you share.
Finally, divorce is not a one-size-fits-all legal procedure. What you want out of your divorce could be entirely different than what the next client wants. Maybe your top priority is a healthy coparenting relationship based on compromise, or perhaps you are most concerned about getting a fair share of the marital assets and several years of alimony payments.
You don’t want an attorney who will force their preferences and priorities on you. Choose Kirk Drennan Law to work with a team committed to understanding what you want and committed to helping you get it.
Division of Assets in Homewood, AL
Dividing assets is a challenging part of any divorce, but it is particularly complicated when working with a high-asset couple. Couples with a sizable net worth tend to have multiple streams of income and several different types of assets, and a fair division requires that all of those assets be fairly valuated.
Additionally, some assets have debts tied to them. If you and your ex-partner have rental properties, for example, you’ll need to consider the benefits of each as a passive stream of income while also planning for the debt that comes with a mortgaged rental property.
In many high-asset divorces, the division of assets is the most time-consuming part of the entire process. Some of the assets you may have to valuate and divide to move forward with your divorce include:
- Family businesses
- Businesses owned by one or both partners
- The marital home
- Rental and vacation properties
- Retirement funds
- Investment accounts
- Antiques, artwork, and specialized collections
- Stock options
- Intellectual property
- Executive compensation packages
The way these assets are divided will determine what your post-divorce life looks like, which is why it’s so important to work with a high net worth divorce attorney in Homewood, AL. When you work with an attorney who consults with financial planners, financial advisors, forensic accountants, and other specialists, who can feel safe knowing that you are well-prepared for your future.
Child Support and Custody
Child support and custody arrangements may also be quite different for a high net worth couple in Homewood, AL. Custody is based on what is in the best interests of the child/children, and the court typically presumes that a child does best when they spend meaningful time with both parents. However, if your marriage involved a split of duties where one partner stayed home to raise the children, the ideal custody arrangement may not be a 50/50 split.
In this case, it may be better for everyone involved to keep childcare arrangements roughly the same and allow the secondary parent substantial visitation. This is often the case if the higher-earning parent works unpredictable hours, travels frequently for work, or cannot commit to a rigid parenting schedule.
You should also be ready to negotiate child support. While Alabama does have a standard child support chart available, it does stop at $240,000 of income per year. For high-income couples, anything beyond that level must be negotiated directly. This is important, considering that children of high-asset couples often have expenses above and beyond what you would typically expect. Our approach to these negotiations ensures that children have the support and resources they need to continue with their previous standard of living.
Alimony and Spousal Support in Homewood, AL
Spousal support is a common topic in Homewood, AL divorces. While the state has moved away from permanent alimony except for long marriages, it is often in the best interest of the lower-earning partner to receive some type of financial support as they adjust to life on their own.
A fair alimony agreement will consider the sacrifices made on the part of the lower-earning partner, what their earning potential would be if they had not made sacrifices for the benefit of the family, and what type of support they need to maintain the quality of life they enjoyed prior to the end of the marriage.
Set Up a Consultation with Kirk Drennan Law Today
We know you have lots of questions as you prepare for this huge transition, and we’re here to help. Whatever you are looking to get out of your divorce, our goal is to work with you through this challenging time and give you the high-quality, trustworthy representation you deserve. Let’s talk about how we can help you—call us at 205-803-3500 or get in touch online.