High Net Worth Divorce Attorney In Paradise Valley, AZ
No divorce case is easy; yet, some present unique complications. This is especially true when the couple owns a significant amount of highly valued assets or holds a particularly high net worth. Whether you own multiple properties, like a home in Mockingbird Lane Estates, or you run a business on E. McDonald Drive, you must hire an experienced Paradise Valley high net worth divorce lawyer to protect you.
Ellsworth Family Law, P.C. Is Here to Support You
For over two decades, the attorneys at Ellsworth Family Law, P.C. have worked to protect the rights of people just like you. Two of our partners are proud Certified Family Law Specialists, and we bring this level of excellence to every case.
Partner Steve Ellsworth is also a member of the American Academy of Matrimonial Lawyers and the International Academy. This makes him uniquely positioned to work with divorce and family law cases.
What Makes a Divorce Case One of High Net Worth?
Paradise Valley is the richest town in all of Arizona. Healthcare and technical fields of industry dominate the area, providing up to 17.8% of the workforce. Additionally, the median household income of the area is around $236,250 a year, and the average median property value is above two million dollars. These high-value assets are often shared between couples, making divorce cases more challenging.
In an Arizona divorce, all assets and debts acquired by either spouse during the marriage are considered community property. This means they are subject to an equitable division between the couple.
While this can be a relatively straightforward process for a few assets, high-asset marriages are much more complicated. The term “high-asset” defines estates with at least one spouse who owns assets totaling nearly one million dollars.
The most common assets involved in a high net worth divorce case in Paradise Valley include the following:
- Stock options and bonds
- Large investment portfolios
- Pensions, IRA accounts, or 401(k) accounts.
- Multiple homes, vacation properties, or rental properties
- Business ownership or interests
- High-end vehicles, artwork, jewelry collections, and other valuable items
In many of these cases, you will need to hire an appraiser who can determine the overall value of your assets. Your attorney can assist in this valuation, working to ensure your rights and interests are protected.
Common Challenges Faced in a High Net Worth Divorce
Every divorce comes with its own issues, but high net worth divorces often add an extra layer of complexity. This complexity does not just affect the division of marital property, but can also lead to problems like:
- Child support. The standard child support calculations for an ordinary divorce will likely not fit a high net worth divorce. The courts will need to consider the higher level of income in these cases. They bring further challenges, such as private school tuition, travel costs, and extracurricular activities.
- Tax considerations. When large estates are divided, it often results in large tax implications when not handled properly. At Ellsworth Family Law, P.C., we can review your case and ensure you are protected from possible tax liabilities.
- Hidden assets. In many high net worth divorces, one spouse may be tempted to hide, get rid of, or undervalue certain assets. In these situations, an attorney can investigate the possibility of hidden assets.
- Asset valuation. At Ellsworth Family Law, P.C., we can determine the real value of all businesses, investments, real estate, and luxury items through appraisals. Doing so can help you receive your fair share of marital property.
- Spousal support. These awards are often based on the standard of living that was established during the marriage. Due to this, high net worth cases often involve large alimony payments. Our team can help you receive the support you deserve, or only have to pay the amount required.
At Ellsworth Family Law, P.C., we understand that high net worth divorce cases are complicated. That is why we work with forensic accounts, appraisers, and financial personnel to calculate the full picture of your estate’s value before property is divided.
Mistakes to Avoid in a Paradise Valley High Net Worth Divorce Case
High net worth divorce cases are not only financially strenuous, but they can also cause emotional complications. Without the right legal counsel, it is easy to make mistakes, including:
- Emotional decisions. Divorces can lead to anger. However, when you allow these feelings to dictate your decision-making, it may harm your access to certain assets. You need to treat your divorce like a business dissolution and make all decisions based on the sound advice you receive from your legal team.
- Hiding assets. Do not attempt to hide assets. Sooner or later, the truth will come out. When it does, you can suffer severe consequences.
- Not considering tax complications. When a divorce takes place, certain financial transactions can have tax consequences. Keep this in mind when you withdraw or liquidate assets.
- Valuing assets on your own. Without an asset professional, you might make mistakes when valuing assets. Collectibles like cars, fine art, and jewelry can be difficult to appraise without a competent appraiser skilled in that field.
- Not cooperating with your spouse. Generally, property division goes faster and more smoothly when everyone cooperates. If both parties are willing to work together, you might be able to resolve your case through mediation instead of going through the drawn-out court process.
Many people believe they can save money by getting a divorce on their own. However, they often spend more money correcting their mistakes than they would have by hiring a lawyer.
Hire a High Net Worth Divorce Lawyer Serving Paradise Valley
If you are facing a high net worth divorce case in Paradise Valley, you don’t have to do it alone. At Ellsworth Family Law, P.C., you can rest easy knowing you have the right team in your corner.
We work diligently to protect your rights and can treat your case with the attention it deserves. Contact our office today to learn more and to schedule an initial consultation with our team. We’re here to fight for you.
