Merrillville High-Asset Divorce Lawyers
Divorce is complicated enough as it is. It can be even more complicated when you and your spouse have complex assets. Our team is here to guide you through this challenging time with professionalism, compassion and empathy.
At Robert A. Plantz & Associates, LLC, we understand that your situation is unique. We are here to provide you with the knowledge and resources to advocate for your interests effectively. That way, you can continue forward with the next chapter of your life.
What Is A High-Asset Divorce?
A high-asset divorce is when a couple with significant stake and ownership in complex assets like real estate, investment accounts, retirement accounts, and business interests decide to go their separate ways. Because couples in these situations hold assets that many others might not, determining what belongs to whom and the value of each item can involve several parties working together to ensure the valuation of each asset is accurate.
What Makes A High-Asset Divorce So Complex?
There are a few factors that contribute to this complexity. They include:
- Valuation of assets: In many cases, accurately assessing the value of specific assets can involve hiring an appraiser or other financial professionals to determine how much each asset is worth.
- Tax considerations: In many cases, if spouses divide these assets without being careful, it could trigger significant tax penalties.
- Financial disclosure: It can take a lot of time and work to disclose all financial assets involved in the divorce properly.
- Business interests: Whether you, your spouse, or both own a business, there could be significant implications for dividing these assets in your divorce.
- Retirement accounts: Splitting retirement accounts amid a divorce can be difficult because of the risk of tax penalties. In many cases, dividing these assets requires a qualified domestic relations order.
- Child support and alimony: Determining how much support a spouse or children need to maintain their standard of living could be challenging.
We can help you address all these matters and protect your interests. Call us at 219-561-0263 to learn more.
How Can Our Merrillville High-Asset Divorce Attorneys Help?
We are well-versed in handling high-asset divorce cases. We work diligently to protect your financial interests and advocate for a fair division of assets. Our attorneys can assist with asset valuation, settlement negotiation, and taking matters to court if necessary. We are personable, easy to talk to, and always attentive to your needs, offering legal representation you can count on.
Are There Tax Implications To A High-Asset Divorce In Indiana?
Yes, there can be significant tax implications in a high-asset divorce. Divining real estate, investments, and retirement accounts can all have tax consequences. Our team will work with you to understand these implications and develop a strategy to minimize potential tax burdens. We stay informed of current tax laws to ensure you are well-prepared for any financial changes resulting from your divorce.
How Can You Prepare For A High Net Worth Divorce In Northwest Indiana?
High net worth divorce in Indiana can be complex, but planning in advance can work to your advantage. Below are a few things to keep in mind during your preparations:
- You may need assistance – It can be beneficial to work with an experienced divorce attorney, and it may also be helpful to work with a forensic accountant.
- Gather all relevant financial documents – This includes tax documents, pay stubs, bank statements and other financial records.
- Remember your marital debt – Even if you have wealth, you and your spouse may have significant debt to address during property division. Examples include business loans, mortgages, credit card bills and student loans.
- Keep track of spending – Watch your family’s financial transactions to help ensure your spouse is not hiding or dissipating marital assets. You should also keep your own spending within normal limits.
- Handle complex assets first – Do you own real estate in other states? Do you have overseas investments or business interests? It can help to start with valuable assets like these, then work your way down to minor items.
- Consider spousal and child support – One spouse may be ordered to pay spousal support, and if you have children, child support payments are also required. Account for these possibilities while preparing for your high net worth divorce
The more documentation and information you gather, the easier it is to navigate a high-asset divorce.
How Does A Business Valuation Work In An Indiana High-Asset Divorce?
There are multiple ways to carry out a business valuation. One is to look at the income the business provides on an annual basis and project what it will earn in the future. Another is to consider the total value of all business assets and subtract its liabilities. Yet another tactic is to examine comparable businesses that have sold in the same industry to arrive at the current value of yours. A valuation may use a combination of these tactics.
If the business was purchased, rather than built from the ground up, looking at that purchase price may help, but its value could have shifted significantly since the purchase was made. It can be important to have an official valuation carried out so you and your spouse can settle on a solid number, especially if the two of you cannot agree on your own.
Schedule Your Free Consultation Today
Divorce can be an emotionally and mentally trying experience, especially when you are dealing with complex assets. However, our knowledge and experience can help you feel confident in navigating the process.
You can schedule a free consultation* with us today by calling 219-561-0263 or visiting our contact page.