Divorce is always difficult; it can be emotionally and financially difficult. High net worth divorces can be particularly problematic. People in high-asset marriages usually own a number of properties, significant stocks, bonds, and other assets, retirement funds, personal property, and other financial accounts. Often, the issue of what was personal property before the marriage becomes complicated as partners commingle funds. High asset divorces require an accurate valuation of these assets and, as in all divorces, these assets must be divided between the divorcing partners. The more assets owned, the more complex the property issues at divorce. If you are contemplating divorce and you and your partner own significant assets, it will be helpful to work with an experienced high-net-worth divorce attorney in the Tulsa area.

Common Issues in High Net Worth Divorces

In all divorces, marital assets need to be divided between the partners, liabilities need to be assigned to partners, and child custody and visitation must be agreed to and approved by the court. These issues can become more complicated in high asset divorces for a number of reasons. Think about such assets as unrealized financial interests, capital gains tax, stock options, and out-of-state real property. All of these assets are difficult to quantify and manage. This is especially true with regard to future assets such as stock options. Their valuation is realized in the future.

It can be difficult to get accurate valuations of assets, especially for extensive real and personal property. Often these cases require more extensive disclosure and discovery. Partners may disagree on valuation, requiring the use of expert witness testimony. Yet, it is impossible for the court to make an equitable division of property without full and accurate valuations.

In addition, there may be important tax implications that must be considered with regard to the division of property. These tax ramifications can affect your life for years to come. It is important to work with an attorney who understands these potential implications.

All separate property must be identified.  You and your spouse may have commingled funds that were once separate property. Couples often do this without meaning to lose the “separate property” quality of that property. For high-net-worth individuals, it is particularly important to work with a divorce attorney who understands how to trace these assets back to their original status as separate property.

Hiding Assets is a Bad Idea

It can be tempting for a divorcing spouse to try to hide assets in a high-net-worth divorce. This is often attempted by failing to disclose assets. Complete disclosure of assets is required by law in all Oklahoma divorces. When a judge determines that a divorcing spouse has attempted to hide assets, it can end up being costly for that spouse. Not only will the asset be included in the marital property category, but the offending spouse may have to pay the other spouse’s attorneys fees and costs in any motions brought before the court.

If you are unsure how to categorize an asset, consult with an experienced high net-worth divorce attorney in Oklahoma. Categorization of property as separate or community property is often a contentious issue in these divorces, but the first step is to disclose the assets involved.

What to Do When a Spouse Uses Property Issues as Leverage in Custody and Visitation Issues

It is unfortunate, but a spouse may attempt to use property as leverage in outstanding issues of child custody and visitation. The two issues are separate, and a spouse should never try to use assets as leverage. Let’s say you and your wife are arguing about a condo that you own in Florida. Your wife tells you that she is willing to let you have the property if you grant her custody of your children. It can be tempting to accept the proposal, but this can have long-lasting negative impacts on your relationship with the children. Oklahoma courts want both parents to be involved in parenting any children of the marriage. Always deal with property division separately from issues regarding child custody and visitation.

Settlement and Division of Property in a High Net Worth Divorce

All marital property must be equitably divided between the partners in order for the divorce to be finalized. An equitable distribution is a fair one given all the circumstances. It may be a 50/50 split, but it may not be.

There is no doubt that settling property issues in a high-asset divorce can be difficult but settling before trial may give you more control over how assets are divided between the spouses, and less costly. Trials are expensive. Experienced high-asset divorce attorneys can be particularly helpful in helping you reach a settlement. A good settlement almost always begins with a good plan at the beginning of the divorce. You and your attorney can put together a plan that will help you identify likely issues and outcomes and help you reach your financial goals.

Low-cost Strategy Session: Tulsa Divorce Attorney for Men

If you are facing a high-asset divorce, I urge you to contact a Tulsa men’s divorce attorney at Tulsa.Dads.Law. We are here and ready to help. Let us show you what we can do to help you navigate and resolve the issues particular to you in your divorce. Do not wait another day to discover your options. I offer free initial consultations or you may retain me for a low-cost strategy session before we engage in an attorney-client relationship.

Call or contact me now to get started. Call me at (918) 962-0900 or click below to contact me online. Don’t hesitate — your future depends on what you do today.