If you are considering filing an application for divorce, you may feel overwhelmed by the potential legal hurdles ahead. While most divorces present challenges to a certain extent, if you or your spouse have a high net worth, this will likely multiply the issues you must address to resolve your matter.
A tenacious high net-worth divorce lawyer from The Riley Divorce & Family Law Firm could walk you through pre-filing considerations for high-asset divorces in Ottawa. Whether you are facing a contested divorce or both you and your spouse agree about this step, you need to ensure that you have a knowledgeable lawyer looking out for your interests who could manage the complexities of a high-asset situation on your behalf.
Multiple pre-filing considerations may be necessary before filing for divorce in Ottawa, and situations involving high assets are no exception. It is important to understand that there are three distinct situations in which any individual can pursue an application for divorce.
All of these go to prove that your marriage has irretrievably broken down. These three elements are as follows: your spouse committed adultery, your spouse has exhibited mental or physical cruelty to you, or you have been living separately for a minimum of 12 months. You only need to demonstrate one of these elements to proceed with your divorce.
Beyond these basic guidelines, which apply to any couple seeking a divorce, some unique challenges can arise in proceedings involving high net-worth individuals. Concerns about maintaining a current standard of living and keeping the divorce out of the public eye are two vital concerns that often come up in high-net-worth divorces.
While property division is a facet of most Ottawa divorce cases, additional considerations must be made in matters involving high-asset individuals. Assets could include residential and commercial real estate holdings, multiple homes, vehicles, and one or more family businesses.
There may also be offshore investments to consider, investment accounts ranging from multi-million-dollar retirement funds to stocks, vehicles, collectibles, and other valuables. The existence of one or multiple trust funds, inheritance assets, or a prenuptial or postnuptial agreement are commonly factors in these cases.
While most property acquired by either spouse before the marriage and certain property like gifts is generally excluded from division, disputes or comingling of assets can complicate matters. Even if the divorcing parties agree as to what assets and debt are considered family property, calculating the fair value of each is rarely a straightforward task.
The law requires that each party receive half of the fair market value of all marital assets, although the court may allow exceptions to these calculations in some instances. Valuation experts and appraisers will almost always be required in these cases.
High-asset divorces usually carry more tax implications in the property division process. Concerns like support for minor or adult children, parenting time and decision-making responsibility, and any maintenance paid to one spouse must also be addressed.
Pre-filing consideration for high-asset divorces in Ottawa can add an additional layer of intricacy to these often complex proceedings. A lawyer could offer professional counsel at each phase of your case while ensuring that nothing overshadows your legal rights.
Whether that requires pushing back against a spouse trying to hide assets, helping you achieve the most fair and equitable settlement for your share of the marital assets, representing your interests in court, or exploring litigation alternatives like mediation, a lawyer could leverage the full power of their resources to resolve your case. Call now to speak with a lawyer about your high-asset divorce matter. The firm is available 24/7 to answer your questions and attend to your legal needs.
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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