Protecting Your Interests in a High-Asset Divorce

Experience Makes a Difference

When a divorcing couple owns a wide range of assets, it is critically important that each spouse has a knowledgeable attorney to protect their rights and interests. For example, questions may arise as to the enforceability of a prenuptial or antenuptial agreement, or with regard to tracing a premarital asset. There may also be different perspectives about the value of an asset, such as a business. The process of identifying and valuing all complex assets included in equitable distribution in the state of Minnesota can be extremely challenging for anyone who does not have experience in this specific area.

The Law Office of Barbara J. Gislason offers more than 30 years of family law experience from an attorney who has represented more than 3,000 clients. Barbara takes a pragmatic approach to divorce cases, educating her clients about how the law applies to them and helping them see the big picture.

Capably Handling Complex Financial Issues in a Divorce

As Barbara’s client, you will have a trusted advocate on your side to help you understand how the law works and how mediation type processes can help avoid costly litigation. Barbara will assist you in identifying, valuing, and awarding all marital assets, including:

  • Business: Corporation, partnership or sole proprietorship
  • Real property: Houses, buildings and land
  • Personal property: Jewelry, art, furniture, cars, boats and other items
  • Bank accounts: Checking and savings accounts
  • Investments: Stocks and stock options, bonds and other investments
  • Retirement assets: 401(k)s, IRAs, pensions and other retirement assets
  • Intellectual property: Copyrights, patents and trademarks

Barbara may work with a valuation expert and/or forensic accountant to ensure that your property is accurately valued and to help find any hidden assets.

If you are involved in a high-asset divorce, you likely have many questions and concerns. Barbara is a lawyer who will help you look past the present moment in which you may feel uncertain and upset to a future where your assets have been divided in an equitable manner, and you are free of the stress and burdens of divorce.

Frequently Asked Questions About High-Asset Divorce

At the Law Office of Barbara J. Gislason, Barbara has helped thousands of clients get the answers they need about high-asset divorce. Here is a collection of questions Barbara’s clients have asked:

How are businesses and professional practices handled in a divorce?

Minnesota has equitable distribution laws, which means that all marital assets – including business interests – are divided fairly in a high-asset divorce. Even if a business was started before the marriage began, a business or professional practice that has grown significantly during the marriage is likely to be considered, at least in part, marital property.

There may be several ways to handle the distribution of a business or practice. Each spouse may share ownership of the business or practice. Alternatively, a spouse may buy out the other spouse’s share or the business or practice may be sold and distributed. Because distributing a business or practice is complicated, it can help to reach out for legal representation to understand your legal options.

What are the tax implications of a high-asset divorce?

Certain sales of assets, such as property, investments, luxury items or businesses, could trigger capital gain tax or taxes tied to depreciation recapture. The withdrawal or division of retirement accounts could also lead to significant tax penalties unless a Qualified Domestic Relations Order (QDRO) is used. Alimony is no longer tax-deductible by the payer, per the Tax Cuts and Jobs Act, which can also cause be a concern. It is generally wise to have a financial adviser on board in any high-asset divorce.

How are hidden assets identified and valued?

When a spouse is suspected of hiding assets, tools such as interrogatories, dispositions and requests for the production of documents (such as bank statements, tax returns, investment records and property records) can reveal a lot. Forensic accounting can also be used, as well as public records searches. A skilled attorney can help guide the process.

How are investments and retirement accounts divided?

Investments and retirement accounts are divided equitably, which may be decided by the length of a marriage, each spouse’s earnings, contribution to financial obligations and other factors. Investments and retirement accounts may also be divided based on the type of investment or plan. Barbara can help you gather documents and prepare for the division of investment and retirement accounts.

Trust Your High Net Worth Divorce Issues to an Experienced Lawyer

To benefit from a highly experienced and versatile high-asset Anoka County divorce attorney, call the Law Office of Barbara J. Gislason at 763-220-2983 or email the firm to arrange a consultation.

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