Scottsdale High Net Worth Divorce Attorneys Advise on Fair Asset Division
Experienced Arizona lawyers help clients protect their wealth during divorce
The more wealth a couple obtains during a marriage, the more there is to parse through and divide when the marriage ends. The experienced Scottsdale high net worth divorce attorneys at Clark & Schloss Family Law, P.C. are well-versed in issues of Arizona law that are particular to the concerns of couples holding substantial wealth. We pursue strategic solutions that enable our clients to exit marriage with confidence, peace of mind and financial security.
Dividing high value property during Arizona divorce
Arizona divorce courts follow the community property method of asset division. All assets and debts accumulated during the marriage are considered marital property, belonging equally to both spouses. During divorce, the courtâs job is to see to it that the total property value is divided fairly between the spouses. The division does not need to be exactly equal but usually comes close to it. Full disclosure and accurate valuation of assets and debts are essential to the division process. High net worth couples have more complex asset portfolios, often including real estate, investments and luxury items, as well as compensation and retirement plans. Our Scottsdale divorce attorneys are prepared to evaluate the scope of your marital estate and to protect the assets that are rightfully yours.
What makes high net worth divorce different than other divorces?
High net worth divorce generally means a divorce of a couple whose combined assets total in the millions of dollars. Such a divorce typically involves not only more assets than a standard divorce but also more diversity in the type of assets and in how they are owned. As a result, it takes more time and effort to account for all the property and to perform the valuations necessary for division.
Assets commonly involved a high net worth divorce are:
- Business ownership
- Real estate
- Premium cars, boats and other luxury vehicles
- 401(k) savings
- Executive compensation packages
- Art and other collectibles
- Trust funds
- Hidden assets
Another aspect of high net worth divorce is the intense scrutiny and media attention it can generate, especially when one or both of the spouses is a celebrity or otherwise well-known. Our caring legal team looks out for the interests of our clients both in court and in the public eye.
Common mistakes in high net worth divorce
Divorce can be hard on anyone but it is particularly overwhelming when millions of dollars are at stake. Mistakes tend to happen when people decide to pursue a divorce settlement directly in order to avoid the stresses and costs of litigation. Common errors include inaccurate valuations of assets and less than thorough searches for hidden assets. Either of these missteps may leave your spouse with a larger share of the marital estate than they deserve.
Hastily choosing a path to save yourself stress can be costly in the long-term. We provide compassionate and skillful legal counsel through every step of the high net worth divorce process in order to avoid errors that can lead to unjust results.
Complex child custody and support issues for Scottsdale parents
Arizona courts consider the needs and best interests of children in determining custody rights and support obligations. This determination is more complex when a child is from a wealthy family. A support order may factor in costs of private education, extracurricular activities, summer camps, college funds and caregivers. Custody may be complicated if the parents sometimes reside in different cities, states or countries. Our attorneys support creative custody and support solutions that can help keep childrenâs lives as normal as possible.