High Net Worth Divorce Attorneys in Ypsilanti, Michigan
Divorce has the potential to be a complicated and emotional process. Everyone would like to move on to a better situation, but some issues can slow down the process and become heated enough to erupt in a court battle. When assets increase, the factors that impact the divorce process can become even more complex and troublesome. A high net worth divorce occurs when the combination of monies and assets are valued at or over one million dollars. If you are involved in a high net worth divorce, you should contact an attorney with the experience and skill to handle your high profile case. The experienced divorce and family law attorneys at Collis & Griffor have the skill and knowledge it takes to protect your interests. Contact our office today to learn how we can assist you.
How does a high net worth divorce differ from others?
High net worth divorces are similar to other divorces because they need to address most of the same issues relevant to the situation, including alimony, property distribution, child support, and child custody. The difference lies in the complexity of the assets and debts, including multiple properties, high profile possessions, ownership of multiple businesses and professional practices. As Michigan is an equitable distribution state, it will allocate debt and assets as it deems just and fair. This is not always split evenly. When high net worth couples face a courtroom, they may be surprised by how the judge splits property.
High Net Worth Individuals and Net Worth Statements
Similar to all other contested divorces, high net worth divorces will go through the process of discovery in which spouses will have to share net worth statements with the court. Net worth statements offer the judge a clear picture of how the marriage functions financially so that the court can decide on matters with all the facts in hand. They include relevant financial information, including the latest tax return. If there is any questionable information, the court may order forensic accountants and other experts to dive deeper into the couple’s past. This could open a spouse to a government-issued probe that can lead to an issue with the Internal Revenue Service. Though your divorce is not a government audit, courts are mandated reporters to the IRS and have an obligation to share any information of wrongdoing.
Protecting What You’ve Earned
There are many ways in which a couple can protect themselves and their assets. High net worth individuals should strongly consider a prenuptial agreement that addresses all relevant matters if the relationship doesn’t work out. It is difficult to consider the idea that a marriage may not work before even tying the knot, but it best serves everyone involved. For those who have already traded vows and would like to protect assets and detail what will happen at the end of the marriage, they have the option of a postnuptial agreement. Both written agreements are binding and help couples avoid drawn-out court battles and the prying eye of the government.
Contact a Michigan Divorce Attorney
High net worth divorces are often complex. With so much at stake, high net worth individuals should consider options that avoid a court battle. The legal team at Collis & Griffor have 30 years of experience representing clients of all economic backgrounds, including those with a high net worth. Our firm has what it takes to guide you through your case and help you protect your assets. Contact our firm today to learn how we can assist you.