Michigan High Asset Divorce Attorney
Attorneys Helping You With Complicated Property Division
When it comes down to the sheer numbers, divorce is always difficult financially — it is more expensive to live in two households than to live in one. It may be assumed that it will be easier for couples with more property and higher incomes assets to get divorced since there are more resources to live off of, but that is just not the case. High-asset divorces can be much more complex than lower-asset ones, involving unforeseen tax implications, estate planning, prenuptial agreements and valuation of traditional and nontraditional assets like family-owned businesses, stocks, bonds, pensions and retirement accounts, collectibles, paintings, cars, etc.
At the Law Offices of Ronald M. Bookholder in Troy, Michigan, we have extensive experience handling high-asset divorces. Sometimes neutral appraisers are used by parties to value assets. We work closely with our clients to help them ensure that any divorce settlement is in their best interests, regardless of their income level or the amount of property is at stake. We seek to whenever possible, use alternative dispute resolution and seek to avoid the expense and hassle of litigation.
A constructive resolution is always our goal. Contact us today to schedule an appointment with an experienced high-asset divorce lawyer who has the knowledge to address the unique issues accompanying these complex legal matters.
Thinking Outside the Box to Resolve High-Asset Divorce Issues
A high-asset divorce requires a lawyer to think outside of the box and explore every avenue for resolving disputes. These cases can include the division of millions of dollars in assets including retirement accounts and pensions. The main issues are determining what assets exist, what they are worth and whether they are subject to division.
We will work closely with you and financial experts as needed to determine which assets need to be divided and which assets should remain with a single spouse. All marital assets, including businesses, need to be evaluated and divided fairly. Inherited assets and premarital assets are usually not subject to division, but negotiations can allow for some of these assets to be divided and others remain untouchable.
Debt Division Issues
Division of family debt is an issue that should be decided by the parties or a court will unilaterally make the decision after a court hearing. The parties and/or the divorce judge cannot stop a third party creditor from utilizing collection remedies against the individual or individuals who are responsible on the debt. If the debt is joint, the creditor can sue both parties to collect a debt. The parties and/or the court can require one or both parties to hold the other party harmless and indemnify her/him. The parties and/or court cannot stop collection unless the individual or individuals are discharging her/his obligation(s) in bankruptcy. The bankruptcy court may not discharge all debts. If both parties are joint on a debt, the third party creditor may look to the other party if one party’s debt obligation is discharged in bankruptcy. Home mortgage notes usually have both parties as responsible on the note. If there is a deficiency on the mortgage note, the lender may seek to pursue both parties.
Parties should determine if the debt is person or a family debt. The purpose of the debt and intent of the parties may be important in dividing the unsecured debt.
These cases may be complex, but they are certainly not impossible to resolve. We can help you identify and analyze marital property and help ensure that you are receiving a fair and equitable settlement. Call 877-502-7892 to schedule an appointment at the Law Offices of Ronald M. Bookholder.