High net worth divorces address matters such as spousal and child support in different ways than a traditional proceeding likely would. Much of this comes from the organization of the assets in the marriage. No blueprint details how this organizational process should look, which creates a situation where different organizational styles must be navigated.
One of the spouses in the equation could potentially have overseas assets, own a business, be a trust beneficiary, or be entitled to pensions. All of these and more could exist in the context of a single case while none of them may be applicable.
Each such element requires targeted consideration, which creates the unique properties of each case. The typical divorce is void of many of the additional elements present here, which accounts for the difference in proceedings.
The spouses involved are typically unaware of the governing principles that are factored into the eventual decision. That's why the retention of experienced York PA attorneys such as those at 999PAdivorce.com is almost non-negotiable.
Taxation forms one of the largest bases of government revenue, and high net worth is synonymous with high taxes. Throughout the divorce process, it is typically reasonable to assume that some amount of property is going to be changing ownership.
This introduces a potential tax concern that requires careful navigation by divorce attorneys. Even beyond the confines of a divorce, property changing hands tends to have tax consequences involved.
The level of concern becomes even greater if the process used for the said change is not the most optimal or applicable one in each instance. Divorce attorneys are meant to minimize tax requirements for their clients by opting for ownership changes in the most efficient ways.
This is yet another element introduced in many high net worth divorce cases that require a point of reference for a split asset allocation. You tend to find that a valuation is necessary where family assets may include things such as real estate or a business.
A valuation expert tends to be brought in to prevent the potentially negative effects of overvaluation or undervaluation. Though your chosen legal professional may not be able to carry out the valuation, there must be a fundamental understanding of the implications and general nuances associated with the process.
In the absence of this kind of special insight, you find that costly mistakes are made, and inequitable asset distribution becomes a more realistic possibility.
Seth and his staff are very nice and helpful people. They are helping me through a very difficult time in my life and I'm glad to have them on my side to represent me. I highly recommend this firm.
- Shelby M.
Seth took the extra time to fully explain to me thoroughly in detail the answers to all of the questions i had. He sensed my urgency and immediately went to the courthouse to file.
- Michael B.
Losing emotional control can lead to costly mistakes during divorce proceedings. A part of an attorney's job is to provide a solid logical foundation to allow for the most beneficial client outcomes. It is in your best interest to retain the services of an attorney that also offers to counsel.
Doing so allows for better situational management and a more effective information processing ability. The path of divorce is emotional by nature, but the importance of sound decision-making cannot become lost in the shuffle.
Human nature can be an unbelievably troublesome factor in the successful conclusion of a high net worth divorce case. There are legal requirements for both spouses, but this does not govern the choices that each person may make.
Hidden assets are not new to such cases, and attorneys must assist their clients in getting through the process of identification through discovery. Typically, the wealthier spouse in the equation is the one who may attempt to hide assets for a more favorable ruling.
Pennsylvania law is designed to allow for adequate protection against paying out anything beyond the minimum legal requirements. Unfortunately, some persons who sit on the wealthier side of the equation are not satisfied by this and decide to hide their assets as a means of protection.
On the flip side, there is the less wealthy spouse who must deal with the hiding that the other spouse may be doing. The attorney retained by the less wealthy member of the couple must typically carry out an exercise to discover anything that may not be above board.
The process used here tends to involve a forensic accountant, but there are cases completed without the need to go that far. Standard attorney detection techniques are used for identification purposes in those instances.
ATTORNEY CHOICE AND RELEVANCE
It is all but impossible to handle matters surrounding high net worth divorce without the presence of an attorney. Doing so compromises the potential for the most equitable outcome on both sides of the fence.
999PAdivorce.com brings you a strong team of attorney and counseling expertise, which makes an incredibly difficult process marginally easier on you, thanks to a fundamental understanding of the requirements at hand.
The location-based experience is a critical factor in your success since the modus operandi of each state where divorce proceedings are concerned can vary greatly. The statutes that may apply in the state of New York, for example, may not translate to the context of Pennsylvania, and this simple truth gives rise to the need for area expert.
Divorces typically have a net worth component present, but the state of Pennsylvania only considers them to be high net worth divorces when they combined liquid assets between the spouses totals a figure beyond $1 million.
Attempting to divide the resources fairly and efficiently between the two conflicting parties in a mutually acceptable manner is where a set of unique challenges can take shape. At this point, what began as an emotional matter becomes an intricate commercial and legal one.