Division of Complex Financial and Real Estate Assets for our High Net Worth Clients

Division of complex financial and real estate assets for our high net worth clients

This is the first in a series of articles focusing on the issues specific to our clients whose financial circumstances involve significant wealth.

For our clients whose assets are sizeable, we understand that there are specific issues that will arise during a divorce. Complex financial holdings and property division must be reviewed carefully in order to create an equitable distribution of assets.

First and foremost, any prenuptial or postnuptial agreements must be reviewed. These agreements should be determined to have been created with full disclosure between the parties and without duress. Assets should be listed completely, with those that are to be kept as personal (non-marital assets) clearly determined and described.

Minnesota is an equitable division state. This means that marital property will be divided between the parties without regard to marital fault. The property is not necessarily divided 50/50, but instead is divided based on the following factors:

• The length of the marriage;
• The age, health and occupation of each party;
• The income, income potential and career skills of each party;
• The contributions of each spouse, including those as a homemaker, to the marital property.

It is important that all property be valuated appropriately. When our clients hold significant assets, we recommend that our clients gather all documentation for all financial transactions that occurred during the marriage. While this seems like a large amount of paperwork to obtain, we are here to help, and in the end it is beneficial to have a clear picture of the finances.

Because of the volatility of the stock market, and the decline in real estate prices, an expert valuation is of paramount importance. Banas Family Law, P.A. will work closely with the appropriate financial and real estate professionals in order to obtain a true and fair valuation.

Going through a divorce is difficult for all involved, especially when there are considerable assets to be allocated. It is important to have an experienced attorney working diligently on your behalf in order to be sure that any property that is jointly owned or any stocks that were gifted are attributed to the appropriate party. Banas Family Law, P.A. has the experience. We can assist our clients to determine the division of property with an eye toward current valuation, tax implications, and a view toward future earnings.