A Level-Headed Approach To High-Asset Divorce
Not every divorce is created equal. As you are considering divorce, it’s important to keep in mind that every divorce will be unique, and that is especially true for high-asset divorces.
At Sowald Sowald Anderson Hawley & Johnson, we frequently represent business owners, doctors, athletes, professors and other divorce clients who may have accumulated a significant amount of assets over the course of their marriage. When there is a large marital estate, one misstep over the course of your divorce can have disastrous consequences for you. That is why we dedicate the time and attention necessary to find sensible solutions that protect your property rights and put you in the best position to start your new chapter.
Safeguard Your Legacy And Your Financial Future
When significant assets such as a family business, stock portfolio, 401(k) or real estate are on the line, you cannot afford to trust a less experienced law firm. Sowald Sowald Anderson Hawley & Johnson has been serving Columbus clients for over 40 years, and is uniquely qualified to handle these complex divorce cases.
While many divorces are contentious, we believe in approaching divorce through strategic and collaborative negotiations to ensure the resulting agreement protects your interests and protects you from conflict in the future. Of course, when negotiations fail, we are always prepared to fight for you in court as well.
If you have not yet entered your marriage or are not ready for divorce, we also offer assistance in drafting prenuptial agreements for our clients. These documents can help keep finances out of your marriage, ensuring everyone’s voices are heard before a conflict begins. Contact our office today to learn more.
What Are the Common Challenges Of High-Asset Divorces?
Dissolving a marriage that involves significant or complex assets has many additional challenges. Some of these can include:
- Valuing a business
- Selling business assets
- Dividing stock options
- Dividing retirement accounts
- Uncovering hidden or dissipated assets
- Assuming the mortgage of a piece of real property
These are just a few of the many issues that can arise. It is critical to work with an attorney who can also proactively anticipate other challenges that you might face. We can help you with any and all issues that could complicate your divorce, always striving to protect your share of marital assets.
The Tax Implications Of High-Asset Divorce
Taxes become immensely complicated in any divorce, especially one involving high assets. The sale of real estate often requires you to pay a capital gains tax. Effective as of January 1, 2019, spousal support is not deductible by the payor for tax purposes, nor is it taxable for the recipient. When considering your financial settlement, you should look at the long-term tax implications as well.
Why Handle High-Asset Divorces Differently From Other Divorces?
All divorces require special attention, but high-asset divorces involve significantly more assets at stake. Often, one spouse has more financial literacy or handles the finances more than the other, putting the dependent spouse in a very vulnerable place if the assets are not valued and accounted for correctly. If you do not have an assertive attorney who is experienced in these matters, you stand to lose your financial security for a long time.
A Steady Hand Through Your Divorce Case
When you are entering a divorce with significant assets, it is important to choose a law firm you can trust. At Sowald Sowald Anderson Hawley & Johnson, we work closely with each of our clients, as well as a team of experts who can help value your assets and provide insight that could prove invaluable in your case. Schedule a consultation with us today by calling 380-217-3322, or reach out online to get started.