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Significant financial assets may complicate divorce proceedings

Posted On October 18, 2019 In High Asset Divorce

Dealing with the financial aspects of getting a divorce in Arizona may be more complicated if you and your spouse have significant financial assets. If you have a high net worth, dealing with property division, alimony and child support may require in-depth knowledge of state laws and financial management. At Wilson-Goodman Law Group, PLLC, we have helped many high net worth individuals navigate complicated divorce proceedings in a way that protects financial assets and divides property fairly.

There are several situations that may complicate divorce negotiations. If you own a business, the assets and debts of the company may be part of your divorce agreement, especially if your spouse is a co-owner or has contributed to the business at any point in your marriage. Receiving a large inheritance is another situation that may affect your divorce negotiations. Other assets, such as real estate property, stocks and valuable heirlooms may be part of your divorce settlement.

FindLaw states that Arizona’s marital property laws count a couple’s assets as community property. This means that in a divorce, a court may divide all property equally between spouses, rather than making determinations about what sort of distribution is fair and equitable. If you have a prenuptial agreement, it may affect property division negotiations during your divorce.

If you and your spouse have significant financial assets, a divorce settlement may also require you to negotiate fair child support or spousal support arrangements. The standard algorithms state courts use to calculate support payments may not be adequate in cases that involve high net worth couples. A divorce settlement should allow both spouses and their children to maintain a similar lifestyle following the end of the marriage.

Divorce negotiations may be complicated when they involve significant financial assets such as a business, real estate, high income or an inheritance.