Substantial wealth complicates divorce. Fortunately, our lawyers at The Riley Divorce & Family Law Firm have experience helping couples with significant net worth dissolve their marriages.
We are here to help you avoid the common pitfalls in Toronto high-net-worth divorces. Our team could assist you in addressing financial and tax issues that might delay the proceedings and provide sound guidance to ensure you meet your goals in the divorce.
If you are like most, once you have decided divorce is your best way forward, you want to accomplish it as quickly as possible. This sentiment is understandable but counterproductive. Rushing certain aspects of the divorce process is one of the common pitfalls you should avoid, as a Toronto high-net-worth divorce lawyer could explain.
Most high-asset couples have complicated holdings that may include a combination of interests in businesses, real estate, and overseas investments as well as properties, securities, and collectibles. Both spouses have an interest in any assets acquired after the marriage unless a marital agreement specifies otherwise.
Couples must equalize their economic profit from the marriage, and doing so requires a valuation of the marital assets. It can take months to identify, verify, and agree on the value of your marital property. Our skilled lawyers are prepared to engage professionals as needed to ensure the asset valuation process moves expeditiously, but you should be aware that rushing it could put you at a significant financial disadvantage.
Divorce triggers big emotions. Even when you believe your marriage has been defunct for years, legally severing that tie can lead to an emotional reckoning.
Many people cope with strong feelings by distracting themselves. They might escalate a dispute over property division or child custody by fixating on certain details or demanding specific and unreasonable concessions.
Meeting your goals in divorce means clearly articulating your priorities and being willing to concede less important matters. When you or your spouse cannot do that, you risk the indignity of a public divorce trial and lose control of the outcome of your divorce. Our seasoned high-asset divorce lawyers in Toronto could help you focus on your desired outcome and avoid the pitfalls typical to this process.
The Ontario Family Law Act s. 5(1) requires you to divide your marital property by calculating your net family property, which is the difference between your net worth when you married and your net worth as of your separation date. The spouse whose net family property has a higher value must make an equalization payment of half the difference to the other spouse.
Many high-net-worth couples deviate from the equalization requirement in their property settlements. Although courts will approve deviations that are justified under the circumstances, the settlement agreement must be fair. That requires both parties to have an accurate understanding of the value of the property they are entitled to receive and the rights they are giving up to achieve a settlement.
Failing to cooperate is a common pitfall in high-net-worth divorces, as a Toronto lawyer could explain. A spouse who tries to hide or undervalue assets or refuses to negotiate respectfully can derail a divorce settlement. Our lawyers are talented litigators and are prepared to pursue a fair settlement in court when necessary, but know that it is best to work towards a negotiated agreement, as this benefits all parties, especially your children. When communication with your spouse is volatile or not constructive, working with a mediator or another third party is usually preferable to taking a matter before the courts.
When you have significant wealth, your divorce may involve business, tax, and general financial issues that lower-earning couples do not face. Therefore, it is a good idea to work with a team of legal professionals accustomed to managing high-asset divorces.
Our lawyers at The Riley Divorce & Family Law Firm are well-equipped to handle the common pitfalls in Toronto high-net-worth divorces. We are always available to speak with you, so reach out now to discuss your high-asset divorce concerns.
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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