Protecting Your Interests in High Net Worth Divorce Cases
Dividing property and finances is often one of the most contentious and complex parts of the divorce process, especially in high net worth divorces. With significant assets at stake, it’s crucial to work with a skilled divorce attorney who specializes in high-asset cases. At Barna, Guzy & Steffen, we understand the intricacies of high net worth divorce cases and are committed to protecting your financial interests. Contact us today at (763) 783-5146 to schedule a consultation with an experienced Minnesota divorce attorney.
Valuing Marital Property in High Net Worth Divorce Cases
High net worth divorces often involve numerous assets, including real estate, investments, business interests, and more. When one or both spouses have accumulated substantial wealth during their marriage, determining how to fairly divide these assets can be a complicated process. Valuing marital property requires expertise in assessing various types of assets, from business valuation to complex investment portfolios. Our experienced divorce attorneys will guide you through each step to ensure that all assets are accurately valued and fairly divided.
Special Considerations in High-Asset Divorce Cases
High net worth divorces often involve more complex financial considerations than typical divorce cases. Whether the divorce is contested or uncontested, our attorneys will help you navigate through the process while ensuring your financial interests are protected. We have successfully handled numerous high-asset divorces in Minnesota, including cases involving estates valued at over $10 million. Some of the key issues that arise in high net worth divorce cases include:
- Identifying non-marital property: Ensuring that separate property is properly excluded from marital division.
- Dividing pensions and retirement plans: These complex financial instruments require expert valuation.
- Family business assets: Determining the value and division of businesses owned during the marriage.
- Inheritance considerations: Addressing how inheritances are treated in the divorce.
- Dividing stocks, options, and bonds: Properly valuing and distributing securities and investments.
- International assets: Managing currency exchange rates and overseas holdings.
- Dividing real estate holdings: Equitably distributing both commercial and residential properties.
Our team at Barna, Guzy & Steffen works closely with financial experts, forensic accountants, and appraisers to ensure that every asset is thoroughly analyzed and valued.
High Net Worth Divorce FAQ
What is considered a “high net worth” divorce?
A high net worth divorce typically involves individuals with significant assets, often valued in the millions. These assets may include real estate, investments, businesses, retirement accounts, and other financial holdings. Due to the complexity of these estates, expert assistance in asset division is essential.
How is property divided in a high net worth divorce in Minnesota?
Minnesota follows the principle of equitable distribution, meaning property is divided in a way that is fair, but not necessarily equal. High net worth divorces often involve businesses, investment portfolios, and complex retirement accounts, all requiring special attention and valuation.
Do both parties need to disclose all assets?
Yes. Both parties are legally required to disclose all assets, including hidden or non-marital property. Failure to fully disclose assets can result in penalties or a disproportionate share of assets awarded to the honest party. Our attorneys will help ensure full asset disclosure to protect your interests.
How do I value my business in a high net worth divorce?
Business valuation in a divorce is a complex process that may require financial experts or business appraisers. Factors such as market value, income, assets, and future potential are considered. Our team works with financial professionals to ensure an accurate valuation of business assets.
What happens to retirement accounts and pensions?
Retirement accounts and pensions accumulated during the marriage are considered marital property and must be properly valued and divided. A Qualified Domestic Relations Order (QDRO) may be required to divide retirement assets like 401(k)s or pensions.
Will my inheritance be considered marital property?
Generally, inheritances received by one spouse alone are considered non-marital property, unless they were commingled with marital assets. If an inheritance was used for joint expenses or investments, it may be included in the marital estate.
How are stock options and bonds divided?
Stock options and bonds can be challenging to divide due to fluctuating values. Our attorneys will work with financial experts to assess the proper division method, taking into account vesting periods, expiration dates, and tax implications.
Will the court divide real estate fairly?
Minnesota courts aim to divide marital property equitably. This includes residential and commercial real estate holdings. Factors such as each spouse’s financial and non-financial contributions, the length of the marriage, and future financial needs will be considered. Our attorneys work with appraisers to determine the true market value of real estate assets.
Do I need an attorney for a high net worth divorce?
Yes. Given the complexity and value of assets involved, expert legal and financial guidance is critical. A skilled Minnesota high net worth divorce lawyer can help you navigate the process, ensure proper asset division, and protect your financial interests.
How long does a high net worth divorce take in Minnesota?
The duration of a high net worth divorce depends on several factors, including the complexity of financial matters, the ability of both parties to reach a settlement, and court availability. Typically, these cases can take several months to over a year to resolve.
Contact an Experienced Minnesota High Net Worth Divorce Lawyer
High net worth divorce cases require meticulous attention to detail. At Barna, Guzy & Steffen, our attorneys will carefully review your financial situation, assets, and interests to ensure that no crucial detail is overlooked. By working with top financial experts in the Minneapolis area, we provide accurate asset valuations to secure the best possible outcome for your case. If you’re facing a high net worth divorce in Minnesota, don’t navigate this complex process alone. Contact Barna, Guzy & Steffen today at (763) 783-5146 to schedule a consultation with one of our experienced divorce attorneys.