High-net-worth couples often have complex finances, and the property division process can be slow, arduous, and expensive.
Couples can expedite their divorce, retain more control, and maintain their privacy by settling as much as possible before submitting the divorce application. Consult a local family law practitioner for pre-filing considerations for high-asset divorces in Toronto. The dedicated high net-worth lawyers at The Riley Divorce & Family Law Firm could help you weigh your options to make the best financial choices before you file for divorce.
People with considerable wealth typically have complicated holdings, often including business interests. The Ontario Family Law Act s.8 requires divorcing spouses to make complete disclosures to each other. Confirming the disclosures often requires the services of forensic accountants and business valuation experts—an expensive and time-consuming process.
Divorce proceedings can be undesirably public. The media, business competitors, and even criminals might use a divorce to harm or embarrass you or your spouse. Children can suffer humiliation, and their safety could be compromised if private matters are reported in the press.
Divorcing on the grounds of separation rather than adultery or cruelty, even when fault-based grounds exist, can reduce the possibility of suggestive media reports. Using the separation period to conduct the financial disclosure and confirmation process and, if possible, agree to a reasonable property division can help ensure the divorce proceeds expeditiously once you or your spouse makes the application. A well-practiced lawyer could help you consider all pre-filing concerns for a high-asset divorce in Toronto.
Minimizing the tax consequences of a divorce is an overriding consideration for many high-asset couples. Planning is crucial to ensure optimum outcomes. You and your spouse should begin investigating the tax implications of your divorce even before you separate. Including a knowledgeable divorce lawyer in the discussions is often productive and helps smooth the process when a spouse is ready to file the divorce application.
Your tax professionals and financial planners could help you choose a fiscally wise time to separate. When you and your spouse officially begin living apart is the valuation date for your net family property. The state of the stock market, interest rates, real estate prices, and currency exchange all affect the value of a high net-worth couple’s net family property.
Advice from an experienced financial planner is invaluable, especially if one spouse is less experienced financially than the other. Both spouses should leave the marriage with the funds to maintain an appropriate lifestyle, the knowledge to manage their assets successfully, and the means to move forward toward a productive life post-divorce.
Marital homes receive special treatment when couples divorce. Every home regularly occupied by the family during the marriage can be a marital home, and high-asset couples often possess multiple marital homes. When one spouse brings a property into a marriage that becomes a marital home, its value is part of the spouse’s net family property and subject to equalization. A Toronto lawyer could help a couple involved in a high-asset divorce consider potential pre-filing property dispute issues that may arise.
Both spouses have equal rights to possession of marital homes, regardless of how the property is titled. Sometimes, a marital home is attached to a working farm; sometimes, a marital home is a heritage property for one spouse’s family. Any of these circumstances may complicate the disposition of rights to marital homes.
You and your spouse should try to resolve issues related to the marital homes before making the divorce application. Doing so allows you to retain more control over the issue and permits appropriate consideration of the sentimental value attached to specific properties. If you have children, keeping them in the home where they have been residing is often essential to their adjustment. A seasoned divorce lawyer could suggest a mediator or collaborative divorce team to help you settle these questions.
High-asset couples can avoid future issues by taking a business-like approach to divorce. Frank discussions and explorations of tax and financial matters are best begun before you officially separate.
Speaking with an experienced lawyer about pre-filing considerations for high-asset divorces in Toronto is also essential. Our team is available anytime to discuss concerns, recommend strategies, and provide advice. Call today to schedule your initial 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
