Ogden Utah Divorce and Property Division Lawyers
A divorce is almost never simple, but there are many situations that can make the separation of assets even more complicated. Complex high net worth divorce situations involve high-value assets, large sums of debt, or sometimes both. If you own any of the following assets, it is imperative to seek the advice of an experienced attorney that is licensed to practice in the state of Utah:
- Retirement accounts
- Business ownership
- Real estate assets
- Other investments
An attorney can walk you through the process of an uncontested or contested divorce and can make sure that you secure as much of your assets as possible and reduce any debt liabilities that may have been incurred by the other party.
Is My Case Considered a Complex Divorce?
Having many assets is only one portion of a divorce that can add financial complexity. If you have a high net worth, it is likely you also have concerns around taxes and the penalties involved in moving assets. You may also have concerns over child support and what additional items, like college tuition, should be negotiated as part of your divorce agreement. Do you have a significant debt burden as part of your spouse’s actions? Understanding your legal liability or entitlement can be a complicated and moving target. Therefore, it is imperative to consult with an attorney who fully understands the intricacies of your situation.
Utah law requires an equitable division of marital property. Equitable means fair, which is not necessarily equal. If the parties agree as part of the divorce or annulment how to divide their property, the judge must review the agreement to be sure that it is fair. Property division cannot be reopened after the order is final, except under limited circumstances.
Taxes and Penalties
Tax codes are ever-changing, and it takes the experience of a dedicated professional to apply them to your situation. Other matters can result in penalties if not properly executed, such as the division of tax-sheltered retirement assets.
Child Support Negotiations
Most child support statutes only apply to couples of more modest means. However, in divorces that are considered to be high asset, there is much more that can be ordered. Other matters such as private school or college tuition may also be considered when negotiating child support.
Debt & Liabilities
Access to higher credit lines can lead to misuse by a spouse before or during the divorce process. Understanding your liabilities and how to limit them throughout the divorce is crucial to a financially secure future.
Uncontested vs. Contested Divorce
When the decision to divorce is made spouses will have to make decisions in areas such as division of assets and liabilities and alimony. If children are involved, then decisions in the custody and child support also must be made. If the spouses can both come to an agreement outside of court or mediation, the divorce is uncontested. If the divorce is contested, it simply means that you and your spouse were unable to agree on how to divide finances or support your children. This is not uncommon, particularly in a complex high net worth divorce case.
Prenuptial agreements are often recommended to high net worth clients but are sometimes contested during a divorce. Postnuptial agreements are the same as the more well-known prenuptial agreement, it is just negotiated and agreed to after the couple is already married. Although the use of pre and postnuptial agreements generally make a divorce cheaper and easier, if contested you should work closely with an attorney that understands these complex legal matters.
Have a Complex Divorce in Ogden Utah: Where to Start
Your best start is to contact a family law firm and schedule a consultation. During this consultation, your attorney can review the facts of your case and advise you on the best strategy for moving forward. Although a divorce can be done without an attorney, this provides huge financial risk to either member of a high net worth marriage.
Need Counsel or Help to File for Divorce in Ogden or Weber County? Contact Us Today. To learn more about Complex High Net Worth Divorce in Ogden, contact us online or by calling locally at (801) 752-0499