Special Considerations in High Net Worth Divorces in Oklahoma

Understanding High Net Worth Divorce Cases

Going through a divorce is a struggle for anyone involved. However, high-net-worth individuals can add unpredictable challenges, making the process more complex. The involvement of high-value assets defines a high-net-worth divorce. It comes with particular problems and considerations that can change the best approach to the situation. To plan a better path, we must first understand what is at stake with a high-net-worth divorce.

As previously mentioned, high net-worth divorces involve high-value assets. These assets usually include valuable properties, real estate, investments (in stocks or material property), and business interests. Because of all the potential assets involved, these divorce types can become complex legal and financial negotiations. In Oklahoma, the usual fundamental procedures for divorce apply to high-net-worth divorces as well. However, the scope of the division of assets and spousal support can vary significantly because of the value involved. Because of this, the valuation process can take much longer. The United States Department of State has an official website with more details if you want additional information about fundamental divorce proceedings.

Because a high-net-worth divorce can be very complex, most people going through one seek the help of a knowledgeable family or defense lawyer, depending on the circumstances of the divorce. At Parsons, Graham & Day, we have experienced lawyers who can help with complex divorces and provide guidance. Call today at 918-553-5771 to contact us and schedule a free consultation.

Special Considerations in High Net Worth Divorces

The following is a list of special considerations one should be prepared to encounter in a high-net-worth divorce. 

• Prenuptial and Postnuptial Agreements: It is not uncommon for marriages with valuable assets to enter a prenuptial or postnuptial agreement. This agreement specifies how assets will be divided in the case of a separation or a divorce. It is possible to fight the legitimacy of these in court if it can be proved that the agreement was signed under pressure from external parties or without proper disclosure
• Tax Considerations: Depending on how the assets are divided, there can be significant tax implications for either party. Some events that might cause a change in capital gains tax are transferring stock or real estate transactions. It is advisable to work with a tax professional who can help you minimize the impact on tax consequences
•  Business Valuation and Division: If either or both spouses own a business, it can be challenging to value and divide it appropriately. Businesses can be classified as marital property, and their value must be determined to divide it accurately between each party. This valuation process involves business projections, reviewing the business’s financial statements, and consulting with experts who can provide insight into the business’s value
• Alimony and Spousal Support: This can be a significant point of contention in high-net-worth divorces. Courts consider many factors when calculating alimony, such as the duration of the marriage and the resources available to each spouse. Alimony can be a crucial element in settling a divorce and should be navigated carefully
• Emotional and Psychological Considerations: Divorces involving such high stakes can be emotionally overwhelming for many people. People involved in these often suffer through high amounts of stress and anxiety. Consider working with mental health professionals to prioritize your health and mental well-being

Legal Strategies in High Net Worth Divorces

Because of how complex these cases can get, people often employ multiple experts to help them navigate the legal process successfully. As mentioned, one can hire tax professionals to assist you in structuring your assets or hire a business valuation expert to value your business accurately. Additionally, you can employ a forensic accountant to help you verify financial information and finalize essential documents for your case. A forensic accountant can also trace and analyze financial records, which will prove invaluable throughout a business or asset valuation. They could also discover hidden income or financial assets that have yet to be reported to more accurately negotiate a fair split between the parties.

Lastly, seeking the help of a legal professional, such as an attorney, will help you organize your information to create a strategy. A divorce lawyer can also help in negotiations and ensure the process goes smoothly, giving you someone to discuss strategy with in a confidential manner. It is essential to work with legal professionals who understand the importance of maintaining confidentiality and can ensure that sensitive information is handled discreetly.

Planning Ahead

High-net-worth divorces in Oklahoma present unique challenges that require careful consideration and expert handling. Every aspect of the divorce process must be managed with precision and care, from asset division and business valuations to alimony negotiations and tax implications. Engaging the right legal and financial experts, understanding the intricacies of asset valuation, and addressing emotional well-being are crucial steps in successfully navigating a high-net-worth divorce.

If you seek guidance in a situation like this, a divorce attorney can offer insight into many crucial aspects of the process. At Parsons, Graham & Day, LLC, we want to hear your case and get you the help you deserve. We understand how stressful divorces can be and give personal attention to each of our cases. To schedule a free consultation with us, call today at 918-553-5771 or visit our website.