While there are multiple legal and financial challenges associated with divorces with substantial wealth, high asset divorce cases require experienced divorce attorneys. The most interesting fact about these cases is they are often more about emotion than about money. The Certified Family Law Specialists at Burke & Domercq have decades of experience in these complex cases.
One of the first issues the Court must face is the large disparity between the incomes of the parties. The Court will take this into account as it issues initial orders for matters such as spousal support and child support. In many cases the Court will order a specific account or sum of money be made available to the non-high earning spouse to make sure they have the resources to seek qualified representation and to manage the costs of the divorce process.
Another of the significant reasons high asset divorces require experienced divorce attorneys is to manage the expert valuation of assets such as a business or professional practice, as well as art, collections, vehicles and investment properties. The Court will rely upon experts to establish the valuation of these assets and each party has a competing interest when it comes to the value of an asset. If a party wishes to keep a specific asset, such as a business, they are hoping to establish the lowest valuation possible. Community property is to be divided equally (from a legal perspective) between the parties. The higher the valuation of a particular asset, the more it will take to “offset” that value for the party who wishes to keep it. Managing the valuation process is a significant challenge which requires experience and genuine legal skill.
Child custody and parenting time issues are often a source of contentious disagreements. High asset divorces require experienced divorce attorneys who provide sound counsel and advice to their clients while successfully guiding them through the process of the divorce itself. Each piece of the puzzle is related to another as you work through the issues in a settlement agreement. Mediation may often provide needed confidentiality and privacy to keep personal and financial information out of the public record.