Salt Lake City High Net-Worth Divorce Lawyer
Utah law firm guides marriage dissolutions with complex assets
Dissolving a marriage can be relatively simple if the couple owns only modest amounts of property. But high-net-worth couples often face a painstaking process of accounting for and dividing their assets. If you are in that situation, you need experienced divorce representation to prevent errors and oversights that can jeopardize your share of the marital property. Attorney Victoria Cramer is a knowledgeable professional devoting 100 percent of her practice to Utah family law. She understands the complexities of high net-worth divorce and knows how to protect your property rights.
What is a high net-worth divorce?
The usual threshold for a divorce to be deemed high-net-worth is $1 million in liquid assets owned by the spouses, whether jointly or individually. Liquid assets include cash and property that can be converted into cash, such as securities, real estate and business ownership. Due to the rising values of real estate, there are more high-net-worth couples today simply by virtue of home ownership. However, what makes high-net-worth divorces complicated is usually the other types of lucrative assets the couple possesses, along with potential difficulties in finding them and assessing their values. A Salt Lake City divorce attorney can determine if your divorce will be considered high-net worth.
Common issues with high net-worth divorces
High net-worth divorces involve not just greater wealth but also more complicated holdings. These can include the following:
- Closely held businesses — One spouse might claim separate ownership of a business while the other claims to hold an equity interest in the business due to participation in running or enabling it. The business might include intangible assets, such as intellectual property and customer good will, which are hard to value.
- Real estate — Real property values are subject to market fluctuations. In addition, couples might hold out-of-state real property that might present jurisdictional issues.
- Hard to value property — Items such as antiques, collectibles, fine art and jewelry require professional appraisals, which can be contested.
- Existing marital agreements — Affluent individuals often enter prenuptial agreements to protect property rights. Properly executed prenuptial agreements will be upheld by Utah courts.
In addition, affluent individuals with demanding careers might encounter difficulties when crafting child custody plans. Ms. Cramer strives to protect your right to frequent, meaningful contact that maintains the loving bonds you share with your children.
Dividing high-value property in a Utah divorce
Marital property is subject to equitable distribution rather than to equal distribution. Large marital estates with complex holdings often require creative solutions to resolve. For example, it may not be in either spouse’s interest to sell a business and to divide the proceeds. Couples can reach an agreement on ownership of the business and division of revenue in order to keep the enterprise running profitably. Other properties, such as assets in trusts and retirement plans, may require taking special measures to avoid tax consequences and maximize value.
Typical mistakes made in high net-worth divorces
When dividing marital assets, spouses might make costly mistakes, such as these:
- Erroneously valuing assets
- Overlooking hidden assets
- Ignoring tax consequences
- Hastily accepting unfair settlements
Ms. Cramer works zealously to guard her clients against mistakes that could lead to losses.
Contact a detail-oriented Utah lawyer to discuss your high net-worth divorce
Attorney Victoria Cramer in Salt Lake City provides diligent divorce representation to affluent Utah residents with high-value, complex marital assets. To schedule a consultation, call 801-299-9999 or contact her office online.
