High Net Worth Divorce Attorney In Chandler, AZ
A divorce can be an even greater headache when couples are used to a high standard of living and must now worry about concerns like dividing complex property, uncovering hidden assets, and considering tax consequences of asset division. It’s crucial that you work with a Chandler high-net-worth divorce lawyer in these complicated divorces. This helps you protect your financial future and secure a better outcome to the divorce that supports your family.
Hire a High-Net-Worth Divorce Lawyer at Ellsworth Family Law, P.C.
For the past 20 years, Ellsworth Family Law, P.C. has navigated complex divorces throughout Arizona. We understand the technical and financial issues in these divorces and how to advocate for your ideal outcome. Two of our attorneys are Certified Family Law Specialists, and our attorneys are supported by dedicated paralegals and legal paraprofessionals. Our firm has professional connections, like accountants and appraisers, to help resolve your divorce.
Our exceptional legal guidance prioritizes straightforward communication and personalized advice. We know that the resolution of a divorce can significantly impact your family’s life, and we take that seriously. Our firm helps you whether you are negotiating your divorce or going to the Maricopa County Superior Court for a litigated divorce.
What Makes a High-Net-Worth Divorce?
While there isn’t a strict definition for a high-net-worth divorce, any divorce with substantial and high-value assets is likely considered high-net-worth. When one or both spouses own assets like commercial properties, businesses, or business interests, significant investments, and other high-value property, it requires different strategies in the divorce process.
The median household income in Chandler is nearly $110,300, so many couples in the area are considered high-net-worth. These divorces have unique issues and require more professional support than a traditional divorce.
What Are Common Issues in a High-Net-Worth Divorce?
There are numerous potential concerns unique to high-net-worth divorces, including:
- Property division. The most obvious issue in these divorces is the division of property. Couples tend to have high-value assets that are hard to divide, including marital homes. More than 52% of homes in Chandler are valued between $500,000 and under $1 million. Additionally, spouses may own businesses, high-value bank accounts, diverse investment portfolios, and other property that is hard to evaluate and separate.
- Prenuptial agreements. Many high-net-worth couples have prenuptial agreements that can dictate the division of assets and debts. When these agreements are fair and well-made, they can simplify the divorce. However, if the agreement is unreasonable or not valid, then it can add complications.
- Asset appraisal. A couple’s property is meant to be divided equitably, which means all community assets have to be evaluated. Many assets are difficult to clearly value without professional input.
- Hidden assets. Any divorcing couple could have issues with hidden assets, but it is more common in high-net-worth divorces. If a spouse hides community assets, it can affect fair property division, leaving the other spouse with much less than their equitable portion.A spouse may hide assets through offshore accounts, make fake payments to friends, or hide cash. Forensic accountants are useful to help uncover these assets and ensure that the division is fair.
- Tax consequences. Selling certain assets or removing funds from certain accounts to divide the profits can have tax consequences. When these assets are high-value, the tax consequences can be even more significant. The consequences have to be considered when dividing assets.
- Spousal maintenance and child support. Financial support is affected when there is an existing high standard of living, and when spouses have a significant gap in income or resources. Spousal maintenance may have to be significant to make up this gap and help one spouse support their needs. Child support has to consider the exemplary needs of children and what they are used to.
When you work with the right attorney, they can help assess these and other potential issues before they happen. They can secure the right professional support and assess the ideal way to provide for your family’s needs while protecting your financial wealth.
FAQs
Is Everything Split 50/50 in a Divorce in Arizona?
In a divorce in Arizona, community assets and debts are split equitably, usually as close to equally as possible. Both spouses have equal rights to their marital property, and these rights continue in a legal separation or divorce. When the court divides assets and debts, it does not consider marital misconduct in the division. However, it may consider other things, such as the tax implications of dividing assets.
What Assets Are Untouchable in a Divorce?
Separate assets are untouchable in a divorce. This refers to assets secured prior to marriage, after a dissolution of marriage petition is served, or by one spouse through gift or inheritance. In a divorce, spouses retain their separate assets and divide their community assets. While any community assets may be up for division, you could protect certain important assets by negotiating property division outside of court with the help of an attorney.
Who Loses More Financially in a Divorce?
Ideally, neither party loses more financially in a divorce. In Arizona, property is divided equitably, and spousal support is used to take care of a spouse with fewer assets. Unfortunately, it is not always a reality that both spouses lose equally. Multiple studies show that women suffer more financially after a divorce and that women are at an increased risk of poverty. To better protect your financial interests and future, it is important to hire a divorce attorney.
What Is the Biggest Mistake During a Divorce?
One of the biggest mistakes during a divorce is failing to hire an attorney. This is even more important in high-net-worth divorces. When you do not hire a high-net-worth lawyer, you are much less likely to secure equitable property division, fair spousal support, and reasonable child support. These divorces often require appraisers for valuing assets and forensic accountants to find hidden assets, and an attorney has access to these resources. This information helps the divorce be resolved more fairly.
Chandler High-Net-Worth Divorce Attorney
Divorce carries a lot of financial uncertainty. When you have significant assets from your marriage to protect, it is essential that you protect your legal right to an equitable portion of those assets. Reach out to Ellsworth Family Law, P.C. today and learn how we can help.
