Protecting Your Interests In A Minnesota High Net Worth Divorce
Filing for divorce is a stressful process for anyone. For couples with a high net worth or complex assets, the process can be even more complicated. At Hill Crabb, LLC, our Edina high net worth divorce attorneys can help you through the process, protect your rights and advocate for your best interests.
Our lawyers at Hill Crabb, LLC, strive to provide the custom legal solutions you need to help you move forward after your divorce. High net worth divorces can differ greatly from regular divorces due to the large amount of property assets involved. You need an experienced attorney to ensure your divorce settlement suits your needs.
Understanding How Property Division Works In A High Net Worth Divorce
In Minnesota, property division for high net worth couples follows an equitable distribution model. This means that each spouse may not receive an exact split of the assets but will receive a fair share. The division itself will depend on each party’s circumstances, any children involved and the property owned by both parties.
In a high net worth divorce, assets subject to division may include:
- 401(k)s and retirement accounts
- Multiple real estate properties
- Valuable vehicles, art and personal property
- Investment portfolios
- Businesses
A high net worth divorce can take significantly longer than a regular divorce due to the complexities of dividing high net worth properties. Depending on your circumstances, we may consult with financial experts and tax professionals to fully understand business valuations and tax implications, and determine the value of your shared property.
Dividing Retirement Accounts
For couples close to retirement age who are going through a divorce, it’s normal to worry about how the divorce will impact their retirement. You have worked hard for your retirement accounts, and the last thing you want is for your divorce to ruin any retirement plans you might have. We can help you navigate this difficult situation and protect your retirement.
Retirement assets such as 401(k)s, IRAs and pensions may be eligible for property division during your divorce. Different factors, such as the length of the marriage, the income and earning potential of each spouse, and each spouse’s contributions to the account, are all considered when dividing any retirement accounts.
There are options for how to divide retirement accounts such as selling the account and dividing the proceeds or buying out your spouse’s interest in the account. Understanding your options may depend on how interested you are in keeping the account or your financial situation. We can help you determine the best choice that will keep your retirement goals in mind.
Complex Property Division
Certain types of assets, such as stock options and real estate portfolios, are especially complex when it comes to property division. Prenuptial agreements that already determine how these assets should be handled during divorce may take some of the stress away, but many couples do not have a prenup in place. In that situation, it’s important to know what to expect from this process. Complex assets may take longer to sort out and achieve a satisfying resolution.
For example, stock options are often tricky to navigate as they are typically tied to a spouse through their employer as an employee benefit that they can purchase in the future. Determining the value of this stock option can take time and require expert assistance from financial professionals. Similarly, with real estate portfolios, if you have multiple properties that are eligible for property division, you will need to consider the value of each. You may choose to sell all the properties and split the profits, or you can continue renting out the properties and divide the profits between the two of you until you’re willing to sell. You can also buy out your spouse’s share and keep hold of the property you want.
Navigating complex assets and property division isn’t easy to do alone. We know how to handle these challenging pieces of the divorce process and can help you make informed decisions that will result in a favorable outcome.
Contact Us Today
Our lawyers at Hill Crabb, LLC, know how to get you the results you need in your divorce settlement. No matter how complex your property is, our experienced legal team is up to the challenge. Contact our Edina high net worth divorce attorneys today to learn more about how we can advocate for your best interests. Call us at 612-568-5967 or complete our online contact form to schedule a consultation.