Divorce is complicated when a couple has significant assets. Even if you and your spouse strive to keep things amicable, the high stakes could lead to intense negotiations and, in the worst-case scenario, a bitter and public court fight.
One of our lawyers at The Riley Divorce & Family Law Firm could advise you on the common pitfalls in Oakville high-asset divorces. We combine a sophisticated grasp of tax and business considerations with a deep knowledge of family law and a zeal to position you for success after divorce.
The single biggest complication to your high-asset divorce is that you likely have extensive financial holdings. You may store your wealth in many ways, including:
Ontario’s Family Law Act s. 5(1) requires you and your spouse to determine your net family property, and the spouse whose net family property is of higher value must make an equalization payment to the other spouse. You cannot determine your net family property without agreeing upon the value of all your holdings.
Our divorce lawyers have a network of numerous professionals in Oakville who can assist in identifying, tracing, and valuing high-asset disparate property, thus avoiding common pitfalls. Whether your case requires a Certified Fraud Examiner to track hidden assets or an appraiser to value an antique car collection, our team will ensure you are working with solid financial advisers when calculating net family property.
Resolving your divorce without judicial intervention is almost always the preferred outcome. Court proceedings are public and can attract publicity, which may trigger security concerns for you. Many high-net-worth couples, like you, value their privacy and standing in the community and want to protect it.
Avoiding a court battle often requires you and your spouse to negotiate, and even cede some points, in favour of reaching an agreement. If you have achieved an elevated financial status, you may find compromising uncomfortable; reaching a point where you and your spouse are willing to negotiate to resolve the outstanding issues may, therefore, require time and persuasion.
Our Oakville divorce lawyers are creative negotiators with experience handling the tax, inheritance, and business issues that often complicate high-asset divorces. We strive to formulate solutions that allow both you and your spouse to reach your primary goals while avoiding the negative publicity, additional expenses and delays associated with divorce trials.
Local residents often have holdings in other countries. Identifying and valuing these holdings and sorting jurisdictional issues can be challenging.
In some cases, you may need to get a divorce both in Canada and in another country—or countries—where you were married or hold citizenship. Our Oakville lawyers could help you avoid common divorce mistakes by involving colleagues who specialise in immigration and international family law matters relating to high-wealth separations. This could help ensure the divorce, child custody arrangements, and property settlement are recognized in all the relevant jurisdictions.
Your high-asset divorces could be time-consuming and stressful. When you have so much at stake, it is critical to work with divorce lawyers experienced in financial and business matters, with impeccable legal skills.
At The Riley Divorce & Family Law Firm, we offer exceptional service, including being available to answer questions or give support 24 hours a day, seven days a week. Contact us today to discuss how we can help you avoid the common pitfalls in Oakville high-asset divorce.
Now you can have your Consultation with Paul Riley any time from the comfort of your own home. With video calls from Zoom, your Team at The Riley Divorce & Family Law Firm can meet with you virtually, and learn about your case. All you need is a smartphone, tablet, laptop, or desktop with a built-in camera and microphone.
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