Flagstaff High Asset Divorce Attorney

Flagstaff High Asset Divorce Lawyer

Divorce is not an easy situation to be in for anyone. If it is a high asset divorce, then there will inevitably be more severe complications that are difficult to navigate alone. If, during your marriage, you and your spouse acquired significantly high assets, you may need the assistance of an experienced Flagstaff high asset divorce attorney to guide you through the legal proceedings dealing with the division of these assets. High net worth divorce cases need to be handled with considerably more care due to their level of complexity.

Choosing Glazer, Hammond, Ruben and Smets, PLLC

The attorneys at Glazer, Hammond, Ruben and Smets, PLLC, have extensive knowledge of multiple areas of law, including family law and estate law. With our combined experience spanning over six decades, and our record of achieving client satisfaction in each area we practice, you can expect to have your case handled with the utmost care. Any questions you have can be answered, and your concerns can be addressed in a timely manner. We can work to secure an optimal outcome for your divorce.

What Is a High Net Worth Divorce?

A high net worth divorce typically involves a couple whose assets’ total value exceeds $1 million but is below $5 million. Anything between $100,000 and $1 million is considered a sub-high net worth divorce. Anything above $5 million is known as a very high net worth divorce.

Child Support and Spousal Support

The income of both spouses is a big deciding factor for determining child support and spousal support. If your income is significantly higher than that of your spouse, you may be ordered to pay spousal support and child support so that they can maintain the lifestyle that they were accustomed to during your marriage.

This is a sensitive area in most divorces. The interest of the child is always a top priority, but there is also the possibility of the parent with the higher income being taken advantage of. This is when it is very beneficial to have a family lawyer who can look out for you and provide guidance.

Separate and Community Property

With a high asset divorce, it may not always be easy to distinguish separate property from community property, simply because there is a chance that there was some commingling of assets at some point during the marriage. Only community property can be divided between spouses because it is all the property that was obtained during the marriage. Therefore, it belongs to both of you. Separate property is generally obtained before marriage and remains with the spouse who obtained it.

When commingling happens, separate property inadvertently becomes community property. This can happen in a number of ways. For example, suppose you started a business before getting married but, during the marriage, your spouse made a contribution to the business. That business would become community property because your spouse now has a stake in it, and they have a right to that stake when you get a divorce.

Another example is if you use marital funds to pay for or change any real estate you obtained before marriage. Your spouse can claim a percentage of ownership for that property.

A high asset divorce can involve property and assets that include:

• Business stakes
• Homes and vacation property
• Retirement funds
• Trusts (in some cases)
• Vehicles
• Jewelry
• Other real estate

To accurately distinguish between assets, you will want an attorney who has experience in high asset divorces going through all assets and properties with you. Your attorney can trace those assets that may or may not be community property to see if commingling or transmutation occurred at any point during the marriage.

Determining the Value of Assets

Determining the value of all your combined assets is an important part of the property division process. In a high asset divorce, valuations can sometimes be difficult, especially when there are assets that are one of a kind or are particularly niche. In any case, you and your spouse have to determine the value of all marital assets.

An experienced high asset attorney who is familiar with the different methods of appraisal can help with this and pay close attention to certain high-end assets. Determining the true value of all assets can make sure that everything is fairly divided between both parties.

FAQs

Q. How Much Does a Divorce Attorney Charge in Arizona?

A. Each divorce attorney in Arizona is likely to charge different amounts for their services for various reasons. These usually pertain to the details of your divorce and their experience with your specific situation. The average hourly rate of a lawyer in Arizona is between $150 and $500. You should speak with your attorney about all fees, charges, and modes of billing for their services.

Q. Are There Any Exemptions in Property Division?

A. There are a few assets that are exempt when dividing marital property in Flagstaff, AZ. These include:

• Anything that is recognized as a gift given during the marriage
• Any personal injury settlements from an injury sustained during the marriage
• Any inheritance that was received

All these assets are separate property and are exempt from marital property division.

Q. Are Assets Always Divided Equally?

A. It isn’t always possible to split assets 50/50, especially in a high asset divorce. With property like houses, boats, cars, etc., you can’t exactly split those down the middle. What typically ends up happening is that one spouse will buy the other out. Other times, the court may decide to award one spouse a larger portion of the assets when equal division is not a possibility.

Q. Can I Protect My Assets in a Divorce?

A. Yes, you can protect your assets in an Arizona divorce. One of the most effective ways to do so is with a premarital or postmarital agreement between you and your spouse. In it, both of you will agree on the specifics regarding what will be separate property and what will be community property. Another way to protect your assets is by putting them in a trust and having a trustee manage them.

Consult With Our Experienced Flagstaff High Asset Divorce Attorneys

At Glazer, Hammond, Ruben and Smets, PLLC, our team is committed to putting in the time and effort necessary to protect your interests during this difficult time and transition in your life. Please do not hesitate to contact our office and speak with one of our attorneys today.