When you are preparing to file an application for divorce, you may have questions about the next steps. Property division can be one of the most contentious and complex issues in a divorce case, particularly in matters involving great personal wealth. A skilled high net-worth divorce lawyer from The Paul Riley Divorce & Family Law Firm could help with equitable distribution in Ottawa high-asset divorces and any other concerns that may arise during the legal process.
Our detail-oriented lawyers could work diligently to see that property and debts are divided fairly, that any available avenues to reduce tax obligations are pursued in full, and strive for the most favorable and least litigious outcome. However, should litigation be required, our lawyers could aggressively represent your interests at all stages of these proceedings.
Most property owned or acquired during the marriage will be subject to division and distribution if the parties decide to divorce. When a couple divorces, each is entitled to half of the value of property owned or acquired during the marriage. Each person also has a right to claim an equal share of the appreciation in value attributed to any family property that occurred throughout the marital union. While that family property may not be physically divided equally, the value of it should be distributed equally.
Debt is also subject to a 50-50 split in the event of the dissolution of the marriage. While these requirements can pose challenges in any Ottawa high-asset divorce matter, cases involving extensive assets or liabilities will compound the intricacies of the equitable distribution process. Even though it is illegal, it is not uncommon to see one spouse trying to shield money or assets from the other in a high net-worth divorce.
High-asset divorces also bear unique elements that necessitate representation from a lawyer who specializes in these cases. These divorce cases frequently entail domestic as well as offshore assets, multiple businesses, prior marital contracts like prenuptial agreements, extensive real estate holdings, investment portfolios, and other significant holdings that will bear upon equitable distribution proceedings. Forensic accounts, valuation experts, and other specialists may be required to calculate the full extent of these holdings before an equal division of family property can be achieved and any equalization payment you owe or are entitled to can be assessed.
Some assets can be excluded from equitable distribution. For example, if you acquired assets during the marriage as a gift or inheritance, were a beneficiary of proceeds from a life insurance policy, or were the recipient of funds from a personal injury lawsuit or settlement, these would generally be exempt from equitable distribution laws. If you previously delineated rights and responsibilities to specific assets through a prenuptial agreement, this could also exclude certain family property from consideration and potentially simplify the property division process.
There are multiple factors that can impact your net family property and the equalization payment you may owe or be owed. These factors impacting this calculation to achieve equitable distribution in an Ottawa high-asset divorce case include:
While the court will generally adhere to the structure of an equal split of the value of family property, there are situations where they may see fit to deviate from this calculation. For example, if one party hid debts, took intentional steps to diminish their net family property, or the parties lived together for less than five years, this could impact the court’s final decision.
Determining the value of the net family property owed to each party during divorce can be a highly involved process that necessitates tailored legal advice and help from multiple outside experts. You should have a legal advocate on your side who could not only help calculate any equalization payments you might be owed or need to pay but also ensure that nothing slips through the cracks with your property division claim.
A proactive lawyer from The Paul Riley Divorce & Family Law Firm could work tirelessly to ensure you receive an equal share of the family property owed to you. When you have questions about equitable distribution in Ottawa high-asset divorces, our lawyers could address your concerns in a confidential legal consultation. We are available 24/7 to assist with your case.
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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