High Net Worth Divorce – Minnesota Divorce Lawyer
One of the biggest complications and issues facing any pending divorce is the question of property division. Who gets the house? Who gets the cars? Who gets the retirement funds, etc? When you are involved in a marriage with a high net worth, then these questions become even more pressing and often cause even more issues between partners. It is understandable that you want to ensure that your net worth is protected and that you are getting everything you have worked hard to attain.
Martial and Non-Martial Property Concerns
One of the things that you may come across is the difference between marital and non-marital property. Marital property is usually obtained during the marriage and is excluded from any pre-nuptial agreements. Non marital property is usually obtained before the marriage or during a legal separation. First, the parties need to go through and determine what is non marital and what is marital property. Of course, this is not always black or white as some items can be classified as both. Working with an experienced Minnesota divorce lawyer can make this process a little easier for you. We aim to simplify the process and ensure that your net worth is protected. Our firm brings practical and commonsense solutions to calm the situation and prevent the cost of your divorce from spiraling to astronomical proportions.
Divorce Attorney in Minnesota
Another common concern when faced with a high net worth divorce is what is individually owned, what is business owned, or owned by just one person. Things like inheritance, family run businesses and even retirement benefits can all cause questions or concerns. Furthermore, some items do not fit neatly into one category. For example, a business may have been bought before the marriage but both partners may have worked in the business during the marriage. A house may have been bought by one party before the marriage but both contribute to the mortgage payments during the marriage. When faced with these concerns, you will need to not only work with an experienced Minnesota divorce attorney but also financial experts that can help resolve disputes resolving debts, assets, and property division including:
- Property such as houses, real estate investments, and holiday homes
- Retirement accounts and pension plans
- Deferred compensation
- Employee stock ownership plan
- Profit sharing plans
- Closely held businesses
- Inheritances or gifts which have since commingled with marital assets
- Property with tax consequences
When it comes to a high net worth divorce, a lot is at stake. You have probably worked hard to secure your income and your lifestyle and divorce can jeopardize this in an instant. Speaking with a professional legal expert in high net divorce can help you determine where you stand and what you can expect. Our professionals will value and trace the marital assets at stake to determine what you are entitled to. If you are concerned about property division during a high net worth divorce, then you need a Minnesota divorce attorney fighting on your behalf. For a free initial consultation call Heimerl & Lammers.