The Complexities of High-Asset Divorce

 Posted on August 23, 2023 in Uncategorized

A high-asset divorce is one where the couple has a million dollars or more in assets. While any divorce can be complicated, high asset divorces face unique challenges due to the often complex nature of the assets and property the couple owns. The high asset divorce process typically takes much longer than a standard divorce, often requiring the assistance of not only a Wisconsin divorce attorney experienced in high net-worth divorces, but also involving a variety of financial professionals, as well.

Asset Valuation and Ownership

Many high-net-worth couples own a diverse range of assets. This can include real estate, financial accounts, stocks, bonds, collections, businesses, and more. In order to obtain an accurate total of the marital estate, the value of each of these assets needs to be determined. While the value of some assets may be simple (i.e., a retirement account), determining the value of other accounts may be more difficult (i.e., business valuation).

The ownership of some of these assets may also be in question – is the asset a marital asset (acquired during the marriage) or is it separate property (owned prior to the marriage)? Only those assets that are determined to be marital assets are included in any division of assets in the final divorce settlement.

Hidden Assets

One common issue that occurs in high asset divorces is the attempt by one spouse to hide assets from the other in order to prevent that spouse from getting their fair share of the marital estate. If a divorce attorney suspects their client’s spouse is hiding assets, he or she will usually recommend hiring a forensic accountant to uncover this fraud.

Alimony or Spousal Support

Under Wisconsin law, alimony or spousal support is referred to as spousal maintenance. In a high-asset marriage, the couple has often enjoyed a lifestyle that involves a higher standard of living, given their significant financial resources. If one spouse was the primary source of those resources, the court may award the other spouse spousal maintenance in order to maintain a comparable standard of living.

When making the decision whether to order one spouse to pay the other maintenance, some of the factors the court will consider include the duration of the marriage, the earning potential of each spouse, the health of each spouse, and the role each spouse played in raising the children.

Contact a Dane County Divorce Lawyer for Legal Assistance

If you are facing a high-asset divorce, call John T. Fields & Associates, LLC at 608-729-3590 to schedule a confidential consultation with one of our dedicated Madison, WI high-asset divorce attorneys and find out the steps you need to take to protect your financial future.