High Asset Divorce Lawyers in Homewood
When the individuals in a divorce have a sizable portfolio of high-value assets, matters like property division and spousal support become much more complicated. Add in the difficult emotions that come with any divorce and you have a situation that can quickly become contentious and adversarial. Regardless of what you hope to walk away with in a high net worth divorce, it’s important to consult a Homewood, AL divorce attorney right away to plan for your future.
The team at Kirk Drennan Law has extensive experience with high net worth divorce cases. To talk about your case and start planning, call us at 205-803-3500 to schedule a consultation.
Property division is often one of the most challenging aspects of high net worth divorce cases. The couple has likely amassed a large variety of assets throughout their marriage, and there may be disagreements about how much each individual is entitled to.
Part of properly dividing assets is ensuring that everything is accurately valuated. This is a sizable task in high net worth divorces as assets may include:
- Rare or one-of-a-kind jewelry pieces
- Real estate
After everything has gone through proper valuation, it’s easier to divide assets in an equitable way. Like many other states, Alabama uses equitable distribution to divide assets in a divorce. Rather than splitting assets down the middle and giving each spouse half, assets are divided in a way that considers each individual’s circumstances. Factors that apply in property division decisions include:
- Each party’s earning ability.
- Separate assets owned.
- Each party’s current income.
- How the assets were accumulated and who benefited from them.
- Each individual’s health.
- If either party was at fault for the divorce.
At this stage, it’s important to think about what matters to you and where you are willing to compromise. It’s rare to get one hundred percent of what you want when dividing assets, so consult with your attorney to figure out which assets will best help you in your post-divorce life.
High Net Worth Divorce and Spousal Support
Spousal support is a common concern in high asset divorce cases. In these marriages, it is common for one partner to be the primary earner while the other partner works part-time or takes care of the home. Under these circumstances, the lower-earning partner is likely to receive some spousal support.
In Alabama, permanent spousal support or alimony is very rare, unless it is awarded after a long marriage. However, lower-earning spouses may still get sizable spousal support agreements in a high net worth divorce. If the lower-earning partner will never be able to earn enough to maintain the standard of living they are accustomed to and/or they made significant sacrifices to help their partner’s career, that may be reflected in the amount and duration of their alimony.
Child Custody and Support
The same issues that arise in standard divorces are also present in high net worth divorces. Child custody may be complicated by the fact that one spouse may have given up their career to stay home with the children. While the stay-at-home partner may feel entitled to continue raising their children full-time, the higher-earning partner may feel that their higher income makes them a better fit for a full-time parenting role.
In many cases, the best solution lies somewhere in between. The courts believe that a child has the right to a meaningful relationship with both parents, and parents enjoy the same right to a relationship. Even if one partner has been the primary caretaker, it is likely that the other party will still receive some parenting time. A lot depends on the age of the children, each parent’s willingness to support the child, and the support system each parent has.
Child support calculations tend to be more complex in high net worth divorce cases, as standard formulas do not work for high income families. Other factors also tend to result in higher-than-average child support payments, since children of high-income parents are likely to attend private school, participate in expensive extracurricular activities, and have other ongoing expenses that other children may not have.
High Net Worth Does Not Have to Be High Conflict
While there is a lot at stake in a high asset divorce, but keep in mind that your divorce does not have to be highly contentious. While emotions may be running high for you and your ex-partner, bringing in your own attorneys can help you limit your direct involvement in the case. This is particularly important if you have children as you and your spouse will need to maintain some sort of co-parenting relationship long after the divorce has been finalized.
To limit fighting and move through this process as easily as possible, hire an attorney as soon as you can. Your attorney can help you work through your thoughts about the divorce to figure out what you need to walk away with, what you hope to get, and what areas you will be willing to compromise in.
Too many people make the mistake of fighting over every single issue in the divorce, a choice that only racks up both sides’ legal fees and frays the co-parenting relationship even more. By being honest with yourself and deciding where you are willing to give up a little, you can save your energy for the assets and other divorce terms and conditions that are most important to you.
Take the First Step with Kirk Drennan Law
Kirk Drennan Law has built a sizable body of experience in high asset divorce cases, putting us in a great position to help you with your marriage dissolution. We understand the legal and emotional aspects of divorce, and we approach each case with the care that it deserves. By getting to know you and the unique circumstances of your divorce, we can provide the personalized service you need during this difficult time.
To get started, call us today at 205-803-3500 or fill out our online contact form to set up a consultation with our attorney.