High-Asset/High-Income Divorce


Divorce often has long-term financial implications for both of the parties involved. The financial consequences of a high-asset divorce, however, may affect the parties’ financial futures for the rest of their lives. To ensure that the final settlement is fair, a thorough review of both your and your spouse’s income and assets will be necessary.

Typically, divorces involving substantial assets and/or high incomes involve complex property division and tracing issues arising from:

•    A family-owned or closely-held business;
•    A self-employed spouse making significant income;
•    Stock options or executive compensation packages;
•    Defined benefit pension plans;
•    Military benefits;
•    Real estate, including multiple homes and/or vacations houses;
•    A significant inheritance at some time by one or both spouses;
•    Unique or unusual assets, such as automobiles, art and/or collectibles;
•    The value of a professional degree held by one or both spouses;
•    The value of any patents held by one or both spouses; and
•    Pre-nuptial/antenuptial and/or post-nuptial agreements.

To protect your interests, your attorney will work with financial professionals (including: CPAs, tax attorneys, business valuation experts, actuaries and others) to assess and value all disclosed assets and to uncover any hidden assets.

These professionals will review, at the request of your attorney, any applicable documents, including: business financial statements (i.e. Cash Flow statements, Profit and Loss statements, and Balance Sheets) and tax returns, individual tax returns, real estate records and conveyance documents, probate documents, and executive pay plans.

Due to the intricate nature of a high-asset, high-income divorce and the long-term financial consequences involved, you will need the assistance of a Minnesota divorce attorney with experience handling complex property division issues. The attorneys at Banas Family Law can help protect your future. For assistance, call 651-361-8109 now.

Categories: Divorce