Lawyers Skilled In Handling Complex Divorce Situations
When your marriage is over, it’s over. There are no do-overs and no repeats. You can only move forward and start planning your future.
As soon as you realize there is trouble in your marriage and that a divorce is likely, you want to contact an attorney who can make sure your rights are protected. At the Minneapolis law offices of Burns & Hansen, P.A., we help Minnesota clients with complex divorces, regardless of whether they are likely to settle or go to trial.
To schedule a consultation, please call us in Minneapolis at 952-641-9367 or complete our contact form.
Protecting Individuals With Significant Assets In Divorce
The process of divorce is always difficult, but when that divorce involves significant amounts of property and assets, even greater care needs to be taken to ensure that the process goes smoothly.
Our attorneys are highly experienced at cataloging, valuing and fairly dividing the types of complex assets common in high net worth divorces, including:
- The marital residence
- Additional real estate (second and third homes, vacation homes and investment properties)
- 401(k)s, IRAs, pensions and other retirement accounts
- Shared bank accounts
- Valuable vehicles (cars, boats, etc.)
- Art and personal collections
- Investment portfolios, which may include assets outside the United States
- One or more closely held businesses
Like most states, Minnesota uses the “equitable distribution” model of property division. This means that courts are required to divide marital property fairly between spouses, which doesn’t always mean a 50-50 split.
High net worth divorces are likely to contain complex assets that cannot be easily divided. A closely held business is a good example. Our attorneys will ensure that each asset is properly valued and that each spouse’s share is correctly calculated. Then, they can help you prioritize the assets most important to you by trading other assets equivalent to your spouse’s stake in them.
Answers To Common Questions About High Net Worth Divorce
Below, we’ve answered questions commonly asked by prospective clients.
What is considered a high-asset divorce?
In Minnesota, a high-asset divorce is not officially defined by a certain dollar amount but rather by the complexity and value of the marital assets involved. That being said, many attorneys consider $1 million or more in assets as the benchmark for a high net worth divorce.
How can I protect myself in my high-asset divorce?
To safeguard your financial future, it’s crucial to take a hands-on approach to asset division. Begin by gathering comprehensive financial documentation, including tax returns, bank statements, investment records and any other financial assets. Then, ensure your attorney has access to these documents and any other information they need to accurately evaluate the marital estate.
At all times, you should keep communication (with your attorney) open and honest, as transparency is critical to the process. If you suspect your spouse may be trying to hide assets, inform your lawyer of your suspicions. They can conduct a thorough investigation and call upon other professionals, like forensic investigators, if needed.
Should the attorney I hire be experienced in representing high net worth clients?
Yes, it’s wise to seek an attorney with a background in handling high-asset cases. Such cases often involve complex financial analysis and intricate legal strategies. An attorney with a history of representing high net worth clients will understand the nuances of asset valuation, division and protection. By contrast, hiring a standard family law attorney without this specific knowledge and experience could mean leaving money “on the table” and losing out on your full share of the marital estate.
Separating Premarital And Marital Interests
One of the most difficult areas to resolve in a high net worth divorce is the tracing of marital and nonmarital assets. At our firm, we work with financial experts who have experience dealing with complex assets to conduct a thorough investigation into your assets and those of your spouse. We will help you come up with a settlement that protects your rights and considers business valuation, nonmartial assets, closely held businesses and professional partnerships.
We take the first step in any divorce by reviewing our clients’ financial situation, including income, retirement plans and any estate planning. We will take the time and commitment to resolve all of the issues in your high net worth divorce.
Getting To Know You And Your Objectives
Putting together settlements containing complex assets requires attention to detail and a complete understanding of your goals and objectives. Working closely with you throughout the process, we will guide you through all the required documentation. Presenting your finances in a way the court will understand and accept, we will frame the issues early in order to give you the best chance at success. If a settlement cannot be reached, we will be ready to protect your rights in court.
The first step in any divorce is getting to know our clients. We will take a look at your financial situation: how much you make, your retirement plans and any estate planning. Getting a divorce is easy, but coming up with the right plan for your future takes time and commitment.
Helping People Find A Path To A New Beginning
There are solutions out there, even for the most complex divorce cases. From our offices in Minneapolis, we provide clients across the Twin Cities area with the honest answers and creative solutions they need to succeed. Call 952-641-9367 or contact us online today for more information.