A high asset divorce is a divorce where the combined value of the marital assets is much higher than normal. While there is not a clear dividing line, a divorce is usually considered high asset if the combined worth of all marital property is more than $1 million. If you are not sure whether your case qualifies, an attorney can help you better understand where your case falls.
How Do High Asset Divorces Differ From Traditional Divorces?
High asset divorces differ from traditional divorces because of the total value and diversity of the assets involved. A high asset divorce often involves multiple income properties or residences, larger stock portfolios, sizable retirement accounts, and business interests that all need to be addressed and divided appropriately. High asset divorces may also involve larger debts, which can make the property division process more complex.
Why Does a High Asset Divorce Need to Be Treated Differently?
The property division process in a high asset divorce is likely to be more challenging to resolve equitably. It can also be difficult to assign exact values to assets such as expensive art, jewelry, collectibles, or private business interests. It is also common for high asset divorces to involve prenuptial or postnuptial agreements, which add an additional layer of legal complexity.
How Can an Attorney Help Me Protect My Assets?
If you are going through a divorce and have assets of substantial value, it is even more critical that you have an experienced divorce attorney on your side. It can be tempting to agree to a less favorable settlement in the hope of expediting the divorce, but it is important to know what your rights are and what the state of Minnesota allows when it comes to property division. An attorney can help ensure that you have an accurate and complete picture of the marital assets and can negotiate on your behalf to increase the chances of a favorable outcome.
Call 651-571-8547 today to talk to an attorney and discuss your options. Our office offers consultations so you can get a personalized opinion on your case and understand what it would be like to partner with our firm.
This article is for general informational purposes only and does not constitute legal advice. Contact TVA Law Office at 651-571-8547 to discuss your specific situation.
