High Net Worth Divorce
DON’T GIVE AWAY EVERYTHING YOU’VE WORKED FOR. WE CAN HELP.
GDE FAMILY LAW has a niche focus in divorce for high net worth individuals and significant know-how in advising those individuals throughout the entire divorce process.
The first step is to obtain a full accounting of all assets before a Contract can be reached on how to apportion assets (real estate holdings, a business, pension, stocks and art etc.) accordingly. Ensure your legal position is safeguarded by speaking with GDE FAMILY LAW Calgary Divorce and Separation Lawyers, who have extensive know-how management of contested and uncontested divorces for high net worth individuals.
HOW TO ATTAIN A REASONABLE ALLOCATION OF YOUR ASSETS.
By its literal meaning, a high net worth divorce involves the need for the distribution of a variety of assets that subsist in various forms and have significant monetary worth. Just defining the a high net worth individual’s total wealth, which can include a business, major real estate holdings, pension, stocks and art, trust beneficiary, or a combination thereof, can be difficult.
Where the situation is warranted, it may be prudent to hire experts, such as forensic accountants and other professionals to help determine the true value of all financial assets in a high net worth situation.
Prenuptial or postnuptial contracts also need careful review, should they exist.
Once there is a full accounting and review of all assets and prior contracts that may have been executed, it is easier and cost-effective to work toward a fair resolve. Bear in mind, however, there are often other paramount issues, such as child support, child custody and access (or “parenting time”) and spousal support. Those issues can impact the discussion and division of matrimonial assets – one more reason why it is so important to have your interests, now and in the future, protected by our skilled and experienced team at GDE FAMILY LAW.
HIGH NET WORTH DIVORCES: WHAT YOU NEED TO KNOW.
PROTECT YOUR BUSINESS.
We are here to help to advise you of the steps that you should take to safeguard your business interests when a divorce may be pending. It is possible to limit a spouse’s ability to claim a portion of the business. The most optimal outcome is achieved by having both your Family Law Lawyer and Accountant work on this issue together to ensure that all possibilities are addressed, and to maximize your potential financial picture during what is otherwise a time of unknown outcome.
OBTAIN CERTAINTY WHENEVER POSSIBLE.
All assets must be documented. You also need to define, and sometimes even justify to a Court, what comprises the “normal financial lifestyle” of the marriage, as this is often an important element of how assets are divided.
YOU DON’T HAVE TO PROCEED ALONE.
Decisions on the division of assets of high net worth individuals should not be made without first consulting with your Accountant, Financial Planner and Family Law Lawyer. All three have something to contribute – and you need all three to assemble a persuasive and straightforward asset division proposal for review. Present anything less, and not doing the work involved beforehand, and you are at risk to decrease your chances of getting the most advantageous outcome.
PLAN THE BEST YOU CAN.
While it is hard to talk about the dissolution of a marriage while you are still happily together as a couple, it is a vital step that can save both parties a lot of grief and cost. While a Prenuptial Contract is particularly important if you are interested in protecting existing assets, assets from a previous marriage, or an inheritance; sometimes it just is not done. Other options exist, including, a Postnuptial Contract may also be a possibility. When neither exists, however, we are still able to work diligently with you to ensure the best possible outcome and minimize potential exposure to your financial wealth and well being when facing a pending divorce.