When two people enter into a high-wealth divorce, they often have little concern over the cost of the attorney’s fees. This allows a case to[…]
Connecticut Divorce and Property Division Law Firm
In Connecticut high net-worth divorces or high-asset divorces, couples often find numerous issues to argue over.
These arguments can cause the divorce to drag on and waste each party’s time and money, resulting in diminished assets at the time of the equitable distribution of the couple’s marital property.
Your divorce does not have to progress this way. We can help.
At the Connecticut family law firm of StangerLaw LLC, our Hartford, Connecticut high net-worth divorce lawyers work hard to bring your divorce and asset division concerns to an equitable resolution as efficiently and effectively as possible.
We will provide you with the extra attention and dedicated legal representation you need for full asset protection and division.
Times Have Changed — Property Division in Divorce Is Not Easily Resolved
Many married couples today have accumulated great wealth in the form of money, property, closely held businesses and other assets. When these couples divorce in Connecticut, all assets determined to be marital, or shared, will then be equitably distributed between the parties. Two of the largest issues that exist include determining how many assets exist and whether those assets are marital property.
Our family law attorneys will help you identify all assets and create an agreement that meets your needs. In cases involving family businesses or closely held businesses, we take a more long-term approach.
Our goal will be to find a way to ensure the business maintains its value and continues to run well while also giving each spouse their fair share.
Understanding Asset Division
In a Connecticut high asset divorce, a judge will divide your marital assets equitably.
Equitable division does not mean that you and your spouse split everything 50/50. The judge allocates marital assets based on what is fair to each spouse and any children under the specific circumstances. For example, if one spouse ends up with most of the childcare responsibilities and expenses, equity may require that that spouse receive a larger share of the divided marital property.
All types of assets are subject to division in a Connecticut divorce proceeding. In some situations, a court can even divide inheritances and gifts received by only one spouse.
When it comes to dividing property that may have sentimental value, a judge may use “setoff” to divide the property. Setoff allows the spouse who received a particular gift during the marriage to keep that gift. A judge may then allocate a portion of the gift item’s monetary value to the other spouse in the form of cash or other property.
Issues With Property Division
Connecticut courts consider many different factors when dividing property in high net worth divorces. A judge can take the reason for a divorce into account when determining how to divide property. Whether you are seeking a fault divorce or your spouse is trying to prove fault against you, a high asset divorce attorney will know what type and how much evidence is needed to prove fault grounds and how this assertion can affect you.
Couples involved in CT high wealth divorce very often have ownership of a business as one of the assets to be considered.
Double dipping is not permitted yet it occurs if the income from a business is considered in calculating alimony and at the same time the fair market value of the business is also divided between the couple.
Another issue that comes up in property division is asset appraisal. Some property, such as a business owned by you and/or your spouse, can be difficult to value.
Settling on an acceptable valuation for a business or other asset is a necessary and very often contentious part of property division in high asset divorce cases.
Issues for Entrepreneurs
Many say entrepreneurs face a higher rate of divorce than the average couple. Business matters complicate the situation, bringing another layer of considerations to the table. The endless hours, the often laser-like focus, and the dedication are described by the entrepreneur as what is needed and can be described by the spouse as a cause of distancing in the relationship. However, we understand the complex issues facing divorcing couples where one of the partners is an entrepreneur.
Bruce himself is an entrepreneur. In fact, he is on the board of the CT chapter of Entrepreneur Organization; he attends regional and international conferences. Whether you or your spouse is the entrepreneur, let an experienced Connecticut divorce lawyer help you bring your divorce to conclusion with a reasonable result so that everyone can move on.
Ending The Conflict When Cost Is Not a Concern
In high net worth divorces, one or both parties has the financial means to continue the fight beyond that which is wise. With substantial resources comes the ability to sustain a war over property, retirement assets, separate property, child visitation, or other issues within the marriage that are not resolved. It is often a challenge to bring that war to a conclusion, especially when cost is not as critical a concern.
We can help you formulate your goals/expectations and then adapt the strategy accordingly. It is a fluid process. Just because the power exists, it does not mean it is appropriate to continue the conflict.
Contact a West Hartford, CT High Net Worth Divorce Lawyer
To discuss your business property division concerns or to obtain assistance obtaining the share you deserve of your marital property in your high net-worth divorce, contact an equitable distribution lawyer at StangerLaw LLC.
To schedule your initial consultation, call us at (860) 561-0651.