If you’re preparing for a High-Net worth divorce in Denver or the surrounding area, it’s vital that you understand the process and key points involved in this complex legal matter. The experienced divorce attorneys in Denver of Stahly Mehrtens LLC guide clients through the intricacies of the legal process. Schedule your consultation now.
High-net worth Divorces Are Complex Legal Matters
High-asset divorces are complex legal matters because of the worth of the assets along with their diversity. There are also a number of other assets that may make these divorces complex. These issues include and may not be limited to:
- Spousal support and maintenance
- Property division, including business valuation and division
- Potential tax implications
- Child custody (also known as the allotment of parental time and responsibility) and support
- Whether you can keep your affairs private
How Is Property Divided in a Colorado Divorce?
High-asset divorces start first with determining whether the property within the relationship is separate or marital. If there is a premarital agreement involved, this can be somewhat easier for the mentioned assets. However, if there are assets that are unmentioned, it must be determined whether they are separate or marital.
If there is no prenuptial agreement, determining separate and marital assets can be more difficult. Business interests must also be considered as well. Even if the business is only in the name of one spouse, the contributions, including those considered nonmonetary, must be considered.
Colorado Revised Statutes use a legal concept known as equitable division. This doesn’t reference a clean split of half and half. It refers to what the Court believes is a just and equitable split of the assets between the spouses. Spouses also have the option of coming to a settlement agreement on their own regarding this matter as well.
What Are the Tax Implications of a Denver High-net worth Divorce?
Tax implications come as part of the package of a High-Net worth divorce. While settlement is encouraged in a High-Net worth divorce so that more of your assets can be preserved, the tax implications involved are often harsh without proper planning and an experienced attorney. During a High-Net worth divorce, you and your attorney must consider:
- How your change in tax filing status will impact you
- How liquidating your assets may cause you to face a capital gains tax
- Whether you or your spouse will claim the child tax credit each year if you have children
- How you will be impacted by the division of your retirement accounts and other retirement benefits
- Whether you will be impacted by the taxation of spousal support
How Does Mediation Work In the Divorce Process?
Collaborative divorce and mediation are integral parts of keeping your personal life private. Although divorce is a matter of public record, working with your spouse through mediation, you can first come to a settlement regarding all of the issues that must be addressed. Then, you both have the option of going through the collaborative divorce process to quietly and more privately handle the remainder of the process.
Call Our Denver High-net worth Worth Lawyers Today
Our Denver High-Net worth divorce lawyers at Stahly Mehrtens LLC are ready to help you with your needs. Schedule your consultation now.