Navigating The High Stakes Of High-Asset Divorce
During a divorce, many issues can be complicated. However, in divorces that involve high-dollar assets, property division, alimony and other issues can be even more complex. In order to resolve the matter, asset valuation experts may be required in addition to highly knowledgeable legal counsel.
At Kniess Law, LLC, we strive to help all divorce clients understand their rights when it comes to high-value divorces. Attorney Michelle M. Kniess, our firm’s founder, is a skilled advocate who provides clients with the information and insight they need in order to make decisions regarding their assets and futures.
Before devoting her practice to family law, Ms. Kniess practiced business litigation. This combined experience provides you with a unique and beneficial perspective as she guides you through every aspect of your divorce. From our office in Woodbury, Minnesota, Ms. Kniess can explain all of the implications of a high-asset divorce and help you get what you deserve.
Complicated Marital Property Division
In high-asset divorces, the most complex issue is often the division of property. Since couples with large incomes often have multiple bank accounts, hold numerous pieces of real estate and have money in investments, all assets must be properly noted and evaluated to ensure proper division.
In Minnesota, real property and personal property are divided according to the laws of equitable distribution. This means that the following types of assets and property are divided equally and fairly between the parties, but not necessarily 50-50:
- Primary residences and vacation homes
- Vacation properties overseas
- Other real property and undeveloped land
- Personal possessions (such as cars, boats and jewelry)
- Bank accounts (including all checking and savings, whether joint or individual)
- Foreign and offshore bank accounts
- Retirement accounts (such as 401(k) plans and IRAs)
- Stock options and employee benefits
Closely held and family businesses are also assets that need to be divided in the divorce. This can be complicated for family business owners, as a comprehensive business valuation must be done by experts in the field to ensure the business’s assets, taxes and liabilities are properly valued and identified.