Even amicable divorces are painful and present opportunities for conflict. A high net worth divorce presents more risk for conflict and the potential for greater financial loss. To protect your assets and keep proceedings as smooth as possible, get representation from a knowledgeable Litchfield divorce lawyer from Rich Rochlin Family Law.
Our team has earned recognition from The Connecticut Law Tribune and other news outlets. As our reputation shows, we do our best for every client served. You can trust a high net worth divorce lawyer in Litchfield for effective, informed advocacy as you bring your marriage to an end.
An Experienced High Net Worth Divorce Attorney in Litchfield Can Provide Critical Protection
While you can get a divorce without an attorney, handling matters on your own is still risky in the best of circumstances, and when neither party has significant assets. You have a lot more to lose when you have significant assets, and you should get a lawyer for a divorce in Litchfield to help protect them.
Connecticut is an “all property” equitable distribution state. Both your and your spouse’s assets and debts are subject to division in a divorce, whether they were acquired before or during the marriage. Some states recognize inheritances and other specific property as “separate,” and not subject to division. In Connecticut, unless designated as separate in a prenuptial agreement, all property is shared.
A Litchfield high net worth divorce attorney can work to help you and your spouse agree on how to divide assets and debt without going to court. We can help you through the negotiation or mediation process to develop an agreement. You have less control over the outcome if a judge makes distribution decisions during a trial. An attorney can help you create a binding contract to present for court approval.
Call today for a consultation with a high new worth divorce lawyer serving Litchfield (860) 357-9158
How Connecticut Divides Assets in Divorce
The State’s courts follow a system of equitable distribution of marital property in Connecticut, aiming for fairness in how the division of assets works in a divorce. You may have been the higher earner or brought more assets into the marriage. Those factors don’t entitle you to a greater share of the wealth upon divorce.
The Connecticut General Assembly (CGA) 46b-81 gives judges substantial discretion in making distribution determinations. Judges consider many factors, including:
- The duration of the marriage
- Each spouse’s age and health
- Each spouse’s occupation and earning capacity
- Income sources for each partner
- Future financial opportunities for each partner
- The lifestyle each party has become accustomed to
- Each party’s contribution to preserving or appreciating the value of assets
The team at Rich Rochlin Family Law can help you present your case for asset division to the judge and work to ensure your fair treatment.
Litchfield High New Worth Divorce Lawyer Near Me (860) 357-9158
What Designates a Divorce as Being “High Net Worth”
Connecticut law doesn’t establish an amount categorizing divorces as “high net worth.” The general idea is that if a person has $1 million or more in liquid assets, they are a high-net-worth individual (HNWI). If one or both spouses are HNWIs, the divorce counts as high-net-worth.
Liquid assets are those that can be quickly converted to cash and that have a clearly determined financial value. Examples include:
- Investment and retirement accounts
- Checking and savings accounts
- Stocks, bonds, and shares
- Cash
Since some of these assets are difficult to divide, having guidance from a high net worth divorce lawyer can help bring clarity and avoid conflict.
Hidden Assets in High Net Worth Divorces
A soon-to-be-ex may try to hide assets to escape losses incurred by property division. They might transfer funds, falsify reports, or take other secretive measures to keep those assets, or portions of them, from going to their former partner.
A divorce lawyer for high net worth divorce can work with forensic accountants to expose hidden assets and fight for fair division and distribution.
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How High Net Worth Can Affect Divorce Outcomes
The immediate property division is just the start of the financial implications of a high net worth divorce. There are potential additional repercussions depending on the complexity of your assets and your family’s needs.
Penalties and Taxes
Sometimes, accounts have early-withdrawal penalties. Dividing them could trigger those penalties. Dividing assets can also generate tax liabilities. An attorney can tell you everything you need to know about divorce and taxes, so you can avoid or mitigate those consequences. The court should account for those losses when making division decisions.
Alimony Payments
A high net worth can also affect requests for alimony, also called spousal support or spousal maintenance. These terms all refer to payments the court orders one spouse to pay the other following a divorce. Broadly speaking, a spouse qualifies for alimony if the divorce leaves them with a lower quality of life.
A high net worth divorce occurs when a high net worth marriage ends. One spouse might have put aside their career goals to raise children and maintain the home. They might need spousal support payments until they can become self-sufficient. The judge considers the quality of life enjoyed during the marriage and other factors when considering alimony requests.
Child Support Payments
If you and your ex share children, you are both still responsible for supporting those kids post-divorce. The court considers how to secure the child’s quality of life and prioritizes the child’s stability and well-being when issuing child support orders. Support amounts will likely be higher in high net worth divorces since the children are used to a financially privileged lifestyle.
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We’ll Fight to Protect Your Assets
Connect with a Litchfield high net worth divorce lawyer from Rich Rochlin Family Law to protect your finances and keep your divorce as conflict-free as possible.
We know the stress a divorce can bring into your life, and when you have more to lose, that stress intensifies. Our team is here to help you reach a fair divorce resolution, so you can move toward your future with a sense of security and closure.
Let us help navigate your family legal matters schedule your consultation now.
