DENVER HIGH ASSET DIVORCE ATTORNEYS
High Asset Divorce Firm in Colorado
The process of divorce can be challenging for many reasons. This is especially so in high asset divorce cases. There is a lot to consider in high asset cases, including the division of these assets. To make sure you receive your fair share of assets, you will need an experienced lawyer to represent you.
At Litvak Litvak Mehrtens and Carlton, P.C., we have 65 years of experience in divorce proceedings in the state of Colorado. We know what it takes to protect you, your assets, and your rights. We will work hard to ensure you receive the best possible outcome from your divorce.
What is a high asset divorce?
A high asset divorce occurs when a party holds several large and complicated assets. This is generally when the party possesses a higher net-worth. Their assets might include multiple homes, businesses, stock options, or debts. With more assets to consider, these cases must have diligent and attentive review. Both parties need skillful representation to make sure nothing gets overlooked. For high asset divorce cases, you'll need representation with a background in tracing assets for high value divorce cases.
How will my assets get divided?
With more assets up for division, this means there’s more to gain and more to lose. In Denver, assets are to be equitably distributed. This means things aren’t split 50/50, but rather get based on what the court decides is fair.
Before the divorce takes place, you should locate and protect any important financial documents. You need to provide the court with all your assets that are marital property. Separate property (inheritance, gifts, or property owned before marriage) is not subject to division.
Marital property refers to what was acquired or earned throughout the marriage. Unless there were prenuptial agreements that state otherwise, any of this is up for division.
What's the difference between separate property and marital property?
It may not always be easy to determine what is marital property and what is separate. Even if you obtained the property before marriage, it might not be yours following a divorce. If the property increased in value during your marriage, it may have taken on aspects of marital property. This is where the court decides what gets distributed to each party.
You may think that because you purchased something in your name, it is separate property. This is not always the case. If you bought the property within the marriage (even if it’s in your name) it's up for division.
The same goes for retirement accounts. If you believe everything in your account is yours to keep in the event of a divorce, you would be wrong. If the retirement account increased in value over the duration of the marriage, it may be up for division.
It may feel like nothing is safe from division at this point. Social security is one of the few exceptions. The courts are not able to divide this. But, if the spouse is 62 years or older and the marriage lasted for 10+ years, the other party may still receive benefits. Though it is not able to get divided between the two of you.
What is spousal maintenance?
A judge will determine if you or your spouse are eligible for spousal support. Though in high asset divorces, spousal maintenance or support is almost always required.
Also in a high asset divorce, it’s sometimes difficult to uncover the entirety of the financial circumstances. In some cases, spouses may hide assets to avoid division or increasing their amount in spousal maintenance.
Your lawyer will work to uncover any of these hidden assets to ensure you get a fair distribution.
Once all the assets have been made known, the judge will determine the need for spousal support. Some of what they will consider include:
- Gross income of each party
- Age and physical health of each party
- Distribution of marital property
- Financial resources of each party and their contributions to the marriage
- Financial need and lifestyle established by the marriage
- The employment status/ability for employment of each party
If the judge decides that support is appropriate in your case, they determine the amount using a specific formula. This is 40% of the higher earning income minus 50% of the lower earning income. Though this is generally the formula used, it is not always set in stone. Every circumstance and court is different and unique to each party.