Divorce is never easy; however, a high-net-worth divorce in Arizona poses unique challenges and complications. If you and your soon-to-be-ex have acquired significant assets during your marriage, you need the guidance of an experienced high-net-worth divorce attorney.
Located in Phoenix, Cohen Family Law regularly represents clients in high-net-worth divorces. Well-versed in Arizona divorce law, we know how to handle cases involving complex, high-value assets. When you become our client, you can trust us to protect your interests and help you fight for your rights. Please contact our office today to consult with one of our high-net-worth divorce lawyers.
What Is High-Net-Worth Divorce in Arizona?
Generally, high-net-worth divorce involves substantial assets (excluding the couple’s primary residence) worth more than $1 million. There are other classifications of high-net-worth, however: couples that have acquired assets totaling over $5 million are considered “very high-net-worth,” while those who have assets greater than $100,000, but less than $1 million are deemed “sub-high-net-worth.”
Dividing Property in High-Net-Worth Divorce
Under Arizona law, assets and property acquired during a marriage are presumed to be community property that must be divided equally. Property owned prior to the marriage by either party, or that was acquired by gift or inheritance, is deemed separate property — not subject to division.
While a typical couple may share a house, vehicles, and bank accounts, high-net-worth divorce involves complex property and assets, such as:
- Business interests
- Investment portfolios
- Multiple homes or vacation properties
- Complex retirement accounts
- Real estate investments
- High-end vehicles
- Valuable artwork, jewelry
- Stock options
In short, identifying all the assets and determining their value can be challenging, especially if one spouse attempts to conceal or undervalue assets. That’s where Cohen Family Law comes in.
We have the skills and resources to conduct a thorough analysis of your marital estate through the discovery process. Our high-net-worth divorce lawyers routinely collaborate with a respected network of forensic accountants to trace funds being held in offshore accounts or that may have been misappropriated. We will thoroughly review financial statements, tax returns, bank statements, business accounts, and other financial records to make sure your interests are protected. Additionally, we frequently rely on appraisers and other experts to determine the value of properties, investments and collectibles.
While community property is intended to be divided evenly, a 50-50 split is often impractical, such as dividing the family homestead. At Cohen Family Law, our objective is to help you come away from the marriage owning 50 percent of the marital assets. Our founding attorney, Mitchell E. Cohen is highly experienced in divorce mediation and works with clients to reach negotiated settlements in high-net-worth cases. If an agreement cannot be reached, our trial lawyers are fully prepared to litigate.
Generally, child support determinations are based on a formula established by state law that considers the income of both parents. Given that the standard calculations may not support the standard of living to which the child may have grown accustomed, it is possible to petition the court to deviate from the standard formula.
This situation is likely to occur when one parent earns significantly more than the other or when the receiving parent did not work. It is important to note, however, that the court will only deviate from the child support guidelines and order additional support if it finds that (1) the increase is in the best interests of the child and (2) not deviating would prove unjust under the circumstances.
The best way to protect the interests of your children in a high-net-worth divorce is to consult with a capable family law attorney. When you come to Cohen Family Law, you can rest assured that we will always put the best interests of your children first.
Questions about alimony or spousal maintenance in high-net-worth divorces can be complicated by numerous factors. Will the spouse seeking support receive sufficient assets in the property division to provide for his or her reasonable needs? Is there a large disparity between the income of the spouses? Is there a valid prenuptial or post-marital agreement in place?
Whichever side of the battle you are on, you can trust our experienced Arizona high-net-worth divorce attorneys to protect your interests.
Prenuptial and Postnuptial Agreements
High-net-worth individuals entering a marriage often sign prenuptial agreements while many spouses draw up postnuptial agreements after they marry. Although marital agreements can address common issues in divorce, in particular property division and spousal maintenance, these agreements are often contested in high-net-worth divorce. Whether disputes arise from spousal maintenance waivers or concealment of assets, it is crucial to have the powerful representation Cohen Family Law provides.
Contact Our Experienced Arizona High-Net-Worth Divorce Lawyers Today
At Cohen Family Law, we have a well-earned reputation as trustworthy advisers in high-net-worth divorce cases. Above all, we are committed to protecting your interests and helping you navigate this difficult family transition. Please reach out to our office today to speak with one of our experienced high-net-worth divorce attorneys.