Guidance You Can Depend On In A High-Asset Divorce
People with substantial assets have greater complexities to account for in divorce than do middle-class people, who typically have perhaps one or two salaries, a house, a car or two, and household goods. By contrast, wealthier individuals often deal with issues in divorce including the following:
- 401(k) and retirement funds such as pensions
- Stocks and investments such as gold
- Real estate holdings
- Second homes, boats and other high-dollar assets such as musical instruments, antiques and jewelry
- Businesses owned by either or both spouses
Was There A Prenuptial Agreement? Is It Enforceable?
Often, people with many assets have entered into prenuptial agreements. Prenups may be challenged, however, if they were not executed correctly. This is but one of numerous factors of a high-asset divorce that we at Marrs & Terry, PLLC, handle for our higher-income clients whose marriages are to be dissolved. Contact us to schedule a consultation.
Approaching High-Asset Divorce
When stakes are high, steps in a divorce such as the following are critical, and require experienced legal advocacy:
- Determination of separate property (brought by each spouse to the marriage) versus marital property (acquired during the marriage ― including increases in home equity and appreciation of other investments)
- Business valuation
- QDROs (qualified domestic relation order) and EDROs (eligible domestic relations order)
Other important factors you should consider are:
- Although Michigan is a “no-fault divorce” state, allegations of fault such as adultery, drug abuse or gambling may influence the court when it comes to division of property.
- In terms of spousal support, when one spouse has been dependent on the other during the marriage, family law courts are likely to consider the lifestyle to which she or he has been accustomed in the marriage.
We Can Help With Legal Issues Beyond Divorce
Discuss these and other factors in your high-asset Michigan divorce with an experienced lawyer at Marrs & Terry, PLLC. Call us toll-free at 734-663-0555 or email the law firm to schedule a consultation.
Note: Family law attorneys of Marrs & Terry, PLLC, are available to advise you on legal issues that may be affected by your marriage or divorce, including the following:
- Probate Law
- Real Estate Law
- Deed Preparation and Recording
- Title Opinions
- Land Contract Preparation
- Collection Actions
Also see our bankruptcy and foreclosure site if you face overwhelming financial difficulties.