When it comes to any divorce case, the division of marital property is often one of the most hotly contested issues. In situations where a divorcing couple has significant net worth, ensuring the equal distribution of marital property may be far more complicated and require assistance from valuation experts, forensic accountants, appraisers, and other professionals, such as a skilled high net-worth divorce lawyer.
Marital property can include many different types of assets, including real estate. When facing real estate complications during an Ottawa high-asset divorce, you should speak with one of our knowledgeable lawyers from The Paul Riley Divorce & Family Law Firm, who could safeguard your rights and interests while guiding you through this legal process.
People with millions of dollars in assets who face the dissolution of their marital union may encounter various challenges that differ from couples ending their marriage with more modest means. The sheer extent of the assets at stake for high net-worth people often includes significant holdings in property like real estate, which can heighten complications during an Ottawa divorce case. One of the biggest hurdles for administering the division of property is correctly evaluating these assets for the net family property calculation. Net family property refers to the total value of assets and liabilities you and your spouse owned when you separated.
In addition to residential or commercial real estate, family property could include other assets like investments, vehicles, bank accounts, insurance policies, or business interests. Usually, once the net family property is calculated, one spouse will owe the other an equalization payment to achieve a 50-50 split in the value of the marital property. Generally, any property owned by either party before the marriage is not subject to division. One notable exception is the marital home. Inheritances or gifts are examples of assets that are not typically considered family property.
The real estate complications that may arise during an Ottawa high-asset divorce depend on the circumstances involved. Several common examples include:
Even when none of these issues is a factor, the value of the real estate assets you and your spouse acquired during your marriage, along with the value of any other assets and debts from your marriage, will need to be properly determined to establish the equal share of family property that each party is entitled to receive. High-asset divorces may require extensive aid from valuation and accounting experts and qualified legal representation from The Paul Riley Divorce & Family Law Firm.
Concerns about the proper valuation and distribution of the fair value of assets like real estate may be one of many concerns you could face when dividing marital property. Real estate complications during an Ottawa high-asset divorce could involve marital homes, vacation homes, and investment properties, so it is crucial to have legal representation to protect your best interests.
Our skilled lawyers from The Paul Riley Divorce & Family Law Firm have extensive experience handling high-asset divorce. They could provide the tailored guidance and vigilant representation you need for your case. Our firm is on call 24/7. Contact us today to arrange your confidential consultation.
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.
Paul Riley Law Office
