While every legal proceeding is different, there are issues that are common. In divorce cases the issues of child support and custody are issues that must be decided in every case where minor children are involved. And, nearly every divorce matter requires that the Court make a determination as to property division and who pays what debt. When distributing assets the Courts make decisions that are equitable, which can be very different in cases with large values than in cases where there is less to divide.
In a high net worth divorce case special care must be taken to make sure the division is fair and that any extraordinary circumstances are handled properly. One type of extraordinary circumstance that must be given consideration is the situation where the couple has substantial real estate holdings, are in prominent positions in Fortune 500 companies, or own their own company. These types of assets require division in a way that takes into account the significant value as well as the chances a family owned business will remain in operation after the divorce. Many times a financial expert is called in to give their opinion as to the value of high net worth assets, which can aid the Court when entering orders of distribution.
The Arizona statutes on divorce and family matters provide the starting point for analysis, and the following things should be considered in every case, including those with substantial assets:
● Assets and liabilities should be divided and apportioned equitably. This does not mean the Court is required to make a 50/50 split, but that the Court divides things in a way that is considered fair.
● The degree of participation in activities and business operations that contribute to the value of the asset should be considered when deciding who is awarded a valuable asset in divorce.
● Which party will continue to act as a decision maker in business and financial matters.
It is crucial to reach a property settlement that allows the parties to gain financial independence from one another. When large amounts of money or property are involved getting to an agreement can be difficult. When the stakes are high financially it can seem impossible to reach solutions that leave both parties satisfied, but it can be done. With the help of a qualified family law attorney you can reach results that give you the freedom you need for a positive future.
For answers to your questions about divorce and property distribution, consult a qualified legal professional. Let us put our experience to work for you. Call The Sampair Group in Phoenix and the West Valley today to schedule your appointment.