Going through a divorce, even one that is relatively amicable, can be challenging. As you begin to lay the foundation for your newly independent lives, you will need to make a series of decisions and negotiate important matters like property division and spousal support or child support (if applicable). Although some divorcing couples in Oregon try to move through the divorce process on their own, most find that enlisting the guidance of an experienced Portland divorce attorney is the best way to ensure they navigate the process with greater clarity and confidence. In particular, those couples who are going through a high-asset divorce that includes special considerations (e.g., multiple bank accounts, real properties, stock portfolios, business interests, etc.) will benefit from the assistance of a knowledgeable high-asset divorce attorney.
What Constitutes a High-Asset Divorce in Oregon?
High-asset divorces typically require more attention to detail, as they involve more financial assets, portfolios, and real properties. Sometimes, high-asset divorces include the valuation of a business or other entity that may hold valuable assets to the marital partnership. Additionally, tax implications often arise during high-asset divorces, as settlements may include assets like equity accounts, bonds, art collections, corporate holdings in stocks or options, retirement accounts, businesses, or properties. If you and your spouse have acquired a substantial amount of wealth during the course of your marriage, you should consider enlisting the guidance of a Portland high-asset divorce attorney to help you move through the processes thoroughly and thoughtfully.
Important Questions to Ask a High-Asset Divorce Attorney
As you search for a high-asset divorce attorney to help you achieve your divorce goals, take some time to consider the important questions you may have about the process. It is understandable to feel overwhelmed and stressed during this challenging time, so it can help to prepare some questions before you meet with your lawyer. Below are just a few questions to raise with your high-asset divorce attorney to help you become more informed and confident about the upcoming process.
What Unique Challenges Does a High-Asset Divorce Present in Oregon?
Couples with a substantial number of assets who decide to end their marriages face additional challenges during the divorce process. With a high volume of different jointly owned assets, investments, and businesses, these couples require greater attention when determining the divorce settlement. Oregon follows what is known as an equitable distribution system of dividing marital assets and property. This means that the court strives to divide the assets equitably, but not necessarily equally. In many high-asset divorces, one spouse maintains a considerably higher income than the other during the course of the marriage, so discussions about spousal support, child support, and property division can become particularly difficult. Ask your attorney how you can ensure you obtain the financial security you need to begin your life’s next chapter.
How is Marital and Separate Property Determined?
Before property and assets can be divided, you will need to identify which assets were accumulated over the course of the marriage (marital assets) and which belonged to the individual spouses before they married (separate property or marital property). In general, longer-lasting marriages tend to have more marital assets, many of which carry tax implications and other considerations. Common examples of marital assets include rental properties, investment portfolios, shared corporate or business interests, international investments, bank accounts, and more. Your attorney will work with you to make these determinations so you can move forward with the negotiation process.
How Does Valuation Factor into a High-Asset Divorce?
As high-asset divorces often involve business or corporate interests and stocks, these assets must go through the valuation process to ensure that they are equitably distributed between the spouses. Unfortunately, a spouse may attempt to hide assets to keep them from consideration in the equitable distribution process. For instance, they may attempt to transfer funds to other parties or offshore accounts, underreport their income or the value of their assets, or change names on major investments. In many cases, your high-asset divorce may require the assistance of financial professionals, valuation appraisers, or forensic accountants to determine the worth of each asset and to locate any missing or hidden assets. Your attorney will assess your situation and recommend outside professionals or resources if necessary.
Speak With a Portland High-Asset Divorce Lawyer Today
Due to the complexity of high-asset divorces, you should seek the guidance of an experienced Portland high-asset divorce attorney to ensure you receive a fair and favorable outcome. As you look forward to building the next chapter of your life, you should trust that you will enjoy the solid financial foundation you need to make this transition. Your attorney will give your case the attention and care it deserves so you can move forward to enjoy a bright and stable future.
If you are exploring your divorce options in the Portland area, call Kuzma Law, LLC today at (503) 406-1787 to speak with a trusted and friendly high-asset divorce lawyer.