Special Considerations for High-Asset Divorce

High-asset divorces in Pennsylvania and New Jersey present unique challenges due to the complexity of dividing substantial assets. These cases often involve business interests, high-value real estate, trusts, retirement accounts, and tax implications that span state lines.

For individuals navigating a high-asset divorce, enlisting an experienced Bucks County family attorney is essential. Doing so is a way to ensure a fair resolution while protecting your financial future.

Property Division and Tax Implications

Both Pennsylvania and New Jersey follow equitable distribution laws, which means that marital assets need to be divided fairly. It is important to note that this does not necessarily mean equally.

Determining what constitutes marital versus separate property can be challenging in high-asset divorces. One or all of the following may need to be evaluated.

• Business interests. Valuing and dividing a business can involve complex calculations, including determining ownership percentages, future income potential, and whether the business was established before or during the marriage.
• Real estate holdings. Multiple properties, especially those in different states, must be appraised and categorized as marital or separate property.
• Determining whether a trust is marital property often depends on how it was structured and funded.

Assets with large values often require specialized expertise, including financial appraisals and forensic accountants, to ensure accurate valuation and equitable division. Also, for couples with significant assets, tax implications can complicate the divorce process. After all, each state has different tax codes, particularly regarding capital gains, inheritance, and income.

Selling or transferring high-value assets like real estate or stocks may trigger substantial tax liabilities, for instance. A skilled family attorney collaborates with tax professionals to minimize these impacts, ensuring the settlement accounts for current and future tax burdens.

Managing Hidden Assets and Protecting Trusts

In high-asset divorces, it is also possible for hidden assets to be a concern. Spouses may attempt to conceal funds through offshore accounts, undervaluing businesses, or transferring money to relatives. Lawyers who have working relationships with other professionals, such as forensic accountants, may utilize these professionals in order to identify and account for all marital assets, ensuring an equitable division.

Another point of contention could be trusts and inheritances. While inheritances are generally considered separate property, they can become marital property if co-mingled with joint accounts or used to purchase shared assets.

A high-asset divorce lawyer provides critical expertise to safeguard your financial interests. They can provide tailored approaches to property division, reflecting the complexities of each asset. Advocating for your interests in mediation or litigation to secure a favorable outcome is the goal of a Bucks County family attorney. Reach out today to have your individual case details reviewed.

Do you need assistance navigating the  financial, legal, and tax considerations of a divorce involving large asset levels? The legal team at Kevin L. Hand, P.C. has the skills to ensure your assets and future are protected. With experienced legal guidance, you can move through this challenging process with confidence, achieving a resolution that aligns with your goals. Call 215-968-6602 to schedule a confidential meeting.