No matter the assets a divorcing couple shares, the process of dissolving a marriage can be difficult. That said, there are many challenges that are even more complicated when substantial assets are involved. A dedicated divorce lawyer could help address the issues that can arise in a high net-worth divorce.
Married couples that have high-value assets like valuable art or expensive real estate could require guidance on dividing or liquidating those assets. These cases are frequently costly both in terms of time and money to resolve. An Ottawa high net-worth divorce lawyer at The Riley Divorce & Family Law Firm could assist with resolving these issues in a timely manner.
When a judge takes up a divorce case, they do so with an obligation to provide each spouse with a fair distribution of marital assets. Unfortunately, that can be easier said than done in a split involving significant or expensive property. There are a number of errors that can occur when complicated assets are in play. A trusted Ottawa lawyer might be able to address the issues common in high net-worth divorces.
One of the biggest issues that can arise involves the valuation of rare assets. Commonly-owned assets like cars or small residences are often simple to place a dollar value on. The same is not true for unique or difficult-to-sell items like rare art or expensive commercial property. Errors in evaluating these assets could prevent an individual from getting a fair share of the marital assets–especially when you do not have a pre-nup or post-nup.
Liquidating assets can also be another major challenge after a divorce. Even if all parties agree on the value of a certain asset, it could be difficult to find a buyer. This can be problematic if liquidating assets is the only way to fairly distribute the marital estate.
There are also times when liquidating an asset is not a viable option. For example, attempting to liquidate some closely-held businesses could send the business into bankruptcy and ruin. There are also retirement accounts that cannot be divided without risking heavy fees or penalties. A knowledgeable legal professional like Paul Riley could help come up with a solution to these challenges.
In addition to luxury items, many high net-worth divorces also involve a variety of investments, trusts, and retirement accounts. There are different types of regulations that apply to these assets, making it necessary to seek out guidance from committed legal counsel.
For most couples involved in a high net-worth divorce, protecting their assets is only one of their goals. For many, protecting privacy is also of vital importance. A seasoned Ottawa lawyer could help protect both during the course of a high net-worth divorce.
One of the most important ways to protect privacy and avoid unwanted attention is by staying out of court. By resolving the case through a settlement, it could be possible to maintain the private nature of these assets.
Though, there are other steps available for protecting assets as well. The first is to ensure full compliance with the law, as the failure to disclose assets could be harmful in the long run. Ensuring that assets receive an appropriate value is another crucial step. Ultimately, the most important step in protecting these assets is to hire an experienced lawyer.
If you are going through a divorce, don’t let your substantial marital assets get in the way of a fair outcome. Without taking steps to protect your rights, you could find yourself being treated unfairly.
A skilled Ottawa high net-worth lawyer at The Riley Divorce & Family Law Firm could help you protect your most valuable assets. We are available 24/7, so call whenever you are ready to get started.
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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