A high asset divorce is a divorce where the combined value of the marital assets is much higher than normal. While there’s not a clear line, a divorce is usually considered to be high asset if the combined worth of all of the marital property is more than $1 million. If you’re not sure if you meet the standards for a high asset divorce, 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 value of the assets. A high asset divorce often involves a diverse array of assets as well. For example, there may be multiple income properties or residences, and there may be larger stock portfolios or retirement accounts that need to be divided accordingly. High asset divorces may also have larger debts as well, which can make the property division more complex.
Why Does a High Asset Divorce Need to Be Treated Differently?
A high asset divorce needs to be treated differently because the property division process is likely to be more of a challenge to get to an equitable division of the assets. It can also be difficult to put an exact value on things like expensive art, which may come up in a high asset divorce. It’s also common for high asset divorces to have a prenuptial or postnuptial agreement in play.
How Can an Attorney Help Me Protect My Assets?
If you are going through a divorce and you have assets of substantial value, it’s 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 getting the divorce over quickly, but it’s important to know what your rights are and what the state of Minnesota allows for 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.
Divorce is a difficult process, but that doesn’t mean you shouldn’t fight for what you’re entitled to. 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 know what it would be like to partner with our firm.