San Jose High Net Worth Divorce Attorney
As the famous song goes, “mo money, mo problems.” While many people think that money can solve all your problems, that’s not necessarily true in a high net worth divorce.
A high net worth divorce is typically one in which there are at least $1 million in assets. When there’s a lot of money at stake, people will often argue over it. This means that in a divorce case, you’re looking at a longer wait and more money spent on legal fees.
High net worth divorces can quickly become complicated. There’s a lot of money at stake and all assets must be identified. Don’t handle such a divorce on your own. Seek legal help from a San Jose high net worth divorce attorney from Foster Hsu, LLP.
What to Know About High Asset Divorce
In a high asset divorce, there is much more than just a ton of money at stake. What makes these divorces so complicated is that there are also various assets involved. These assets are atypical and may include significant financial holdings, properties, businesses, investments, and other valuable items. These assets can range from real estate properties (such as homes, vacation houses, and commercial properties) to financial assets (such as stocks, bonds, retirement accounts, and savings accounts) to valuable personal belongings (such as vehicles, jewelry, art collections, and antiques).
High asset divorces tend to have complex assets involved such as intellectual property rights, royalties, offshore accounts, trusts, and ownership stakes as well in businesses or partnerships. These assets often require thorough valuation to determine their worth.
Because high net worth couples have more assets to divide, the process takes longer and involves more decisions. It’s easy for conflict to arise, especially when the process takes a lot of time and money.
No matter how much money you have, you should not overlook debt. Liabilities are assigned to married couples, just like assets. While you are not liable for your spouse’s debts that they had before marriage, you are responsible for marital debt. It will likely be split 50/50.
Finally, you need to understand that high asset divorces may involve complicated tax implications, spousal support considerations, and intricate legal issues. This means that financial experts, forensic accountants, appraisers, and experienced divorce attorneys will all be needed to be involved to ensure a fair and equitable division of assets. Make sure you are getting your fair share and are thinking about not just today but also planning for the future.
Contact Foster Hsu, LLP Today
Those going through a high asset divorce to work closely with their legal and financial advisors to protect their interests and navigate the complexities involved in dividing marital property.
Count on the experienced team at Foster Hsu, LLP to help you with this challenging situation. You can rely on us to explain your legal options and pursue the best possible outcome in your divorce. Schedule a consultation with a San Jose high net worth divorce attorney by calling 408-841-7200 or filling out the online form.
