High-net-worth divorces in Baton Rouge, LA involve significantly higher amounts of assets and higher value assets. Any divorce has the potential to be lengthy, complex, and contentious, but high-net-worth divorces add to this complexity. The decision to get a divorce is never easy. A high-net-worth divorce involves all the issues of other divorces, such as child custody and support, spousal support, and division of property. However, each of these aspects has unique challenges in a high-asset divorce. It’s essential to work with a family law attorney who understands these challenges and knows how to handle them with compassionate legal counsel.
At Magnolia Law, we work to provide exceptional legal care to those dealing with difficult family law cases. High-asset divorces require an attorney knowledgeable in complex matters like dealing with significant assets or determining child support with a high standard of living. We work with you along every step of the process, from filing for a divorce to mediation and litigation if necessary. Our Baton Rouge high net-worth divorce lawyers believe in a high standard of quality representation and want to help you protect your interests.
Though any couple can utilize prenuptial or postnuptial agreements, they are commonly used by high-net-worth couples. These marital agreements determine how assets are split if the couple divorces. If the agreement is signed by both parties and considered fair by the court, it will be legally enforceable.
A prenuptial agreement may allocate certain assets as separate property when they may have been considered community property otherwise. This allows spouses to protect their individual assets.
If there is no marital agreement determining the division of property, and spouses cannot come to an agreement through mediation, their assets are divided by the court. Louisiana is a community property state. This means that both spouses will receive an equal share of all community assets.
The Baton Rouge court will presume that any assets acquired during the marriage are community property unless one spouse proves otherwise. Community property includes:
High-net-worth divorces have significantly more assets of a higher value than standard divorces. This means that the division of property will take longer. Assets that need to be divided in a high-asset divorce include:
In order to achieve an equal split of community assets between spouses, these assets have to be professionally valued. When you work with a divorce attorney, they have the necessary resources to properly value assets, such as forensic accounts.
When assets are divided, it’s essential to take into account how taxes will impact assets. For example, the liquidation of assets or the withdrawal of funds from retirement accounts may have significant monetary tax consequences. It’s important to either plan around these issues or calculate them into an equal split of assets.
It’s an unfortunate reality that some spouses in high-net-worth divorces will try to gain more than their equal share of community property by hiding income and assets. If you suspect your spouse is hiding assets, talk with your divorce attorney. Your Baton Rouge high net worth divorce attorney can help you uncover hidden assets through an inspection, the divorce discovery process, and reviewing financial accounts that you have access to.
High-asset divorces are complicated, and trying to handle them without help from an experienced Baton Rouge high-net-worth divorce lawyer can prolong the process. You may even receive less than your share of assets if there is a mistake during property division or if your spouse is hiding assets. In addition to the legal complexities of a high-net-worth divorce, it still has the emotional difficulties of ending a marriage.
Whether your divorce can be resolved through mediation or it has to proceed to court, it’s necessary to have an attorney by your side, protecting your rights and interests. You will have compassionate and effective legal representation and can feel confident about the steps needed to finalize your divorce.
Both alimony and child support may be impacted if one or both spouses have significant assets. If one spouse earns significantly more than the other, they will likely have to pay significant alimony or spousal support. If both spouses have significant income and assets, the court may not require alimony.
Child support in a high-net-worth divorce will be significantly more than in a typical divorce. It will still be dependent on each parent’s income and the difference between those incomes, as well as:
These are only some of the ways that alimony and child support may be affected by a high-net-worth divorce.
High-net-worth divorces are likely to bring more media attention than other divorces. If possible, settling your divorce through private mediation and negotiation can keep your divorce more private than litigation. An attorney can help you determine how to keep your divorce proceedings private.
Your high net worth divorce has its own unique challenges and requires an exceptional Baton Rouge High Net Worth Divorce Attorney to help navigate it. At Magnolia Law, we have experience with complex divorces like high-asset divorces and know how to protect your interests in court or in negotiation. We understand how difficult these proceedings are and want to help you find an ideal outcome as efficiently as possible. Contact Magnolia Law today to see how we can help.