Not all divorces are the same. High net worth divorces tend to be complicated. It can be more challenging to resolve issues when substantial real estate holdings, corporate or business interests, pensions, savings, stocks and other financial investments are involved.
By that same token, not all divorce lawyers are the same. If you’re going through a high net worth divorce, you need a family lawyer with the right level of skills and experience. In today’s article, we’ll discuss why expert legal assistance is needed when it comes to a high net worth divorce and the top qualities to look for when hiring a divorce attorney.
What makes a high net worth divorce more complex?
A high net worth divorce is typically defined as a divorce where at least one of the spouses has more than $1 million in assets.
The general issues tend to be the same across all divorces: parenting, child support, spousal support and division of assets and debt. The key difference is that high net worth divorces require specialized legal knowledge to ensure a fair marital asset distribution and fair determination of support issues.
The process of untangling finances and dividing substantial assets is much more complicated than with standard divorces. It takes time to properly identify, investigate and value the range of assets at stake. One spouse may attempt to hide assets, drain accounts, or refuse to disclose financial records. Another complicating factor is that there are usually significant tax consequences depending on how property is divided and how spousal support payments are structured (e.g., lump sum vs. periodic payments).
Top qualities to seek in a high net worth divorce attorney
The right lawyer can protect your legal and financial interests in a high net worth divorce. Here are the top qualities to look for when hiring a BC high net worth divorce lawyer.
Experience and dedication.
There are a lot of moving parts in a high net worth divorce, and there is so much at stake. Now is not the time to hire a lawyer who is just starting out or who dabbles in family law. You need a lawyer who has years of experience under their belt, who dedicates their practice to family law, and who has a deep understanding of the federal and provincial laws that apply. Ask prospective lawyers how many high net worth divorce cases they’ve handled, and how their approach to high net worth cases differs from a standard divorce case.
Knowledge of complex financial issues.
Specialized legal knowledge is required to ensure a fair marital asset distribution. It will be necessary to identify and obtain the value of all “family property” owned by each spouse individually and jointly, both on the date of marriage and the “valuation date” (the date of trial or the date the spouses enter a separation agreement). Divorcing spouses must also value and divide accrued debt, even if the debt is only in the name of one spouse.
An experienced high net worth divorce lawyer will facilitate the process of obtaining full financial disclosure. The right lawyer will also have the expertise to decipher financial documents once they’ve been produced. Corporate financial statements, income tax returns, shareholder agreements, trust deeds, pension statements, and bank records are just some of the documents that may need to be analyzed in a high net worth divorce case.
Network of support.
A skilled lawyer is one member of the support team needed to successfully navigate a high net worth divorce. You also want to consider the lawyer’s support staff, as they will be an integral part of your support team throughout the process. Look for a British Columbia family law firm that is client-focussed, well-organized, discrete, and strong at client communications.
A top divorce attorney will also have a network of professionals they can call upon to assist with your case, such as professional accountants, appraisers, business valuators, and tax advisors. Significant tax implications and extensive asset valuation disputes are common in high net worth divorces. Collaborating with the right professionals and securing the right evidence ensures transparency, fairness, and can minimize tax liabilities.
Effectiveness inside and outside the courtroom.
There is the potential for prolonged litigation when there is so much at stake. Top divorce lawyers know how to keep matters moving forward and will draw on a range of procedures to resolve disputes as they arise. Seek out a lawyer who is equally comfortable inside and outside a courtroom. An effective divorce lawyer will head to court when needed to get orders to protect assets and ensure full financial disclosure. They will not hesitate to take your case to trial to get a fair outcome.
Your lawyer should also be skilled at utilizing alternative dispute resolution methods such as negotiation, mediation, and arbitration to maximize privacy and confidentiality (court proceedings are in the public domain). These procedures can be effective to reach customized, creative solutions to suit your unique situation.
Trusted Legal Advice from an Experienced High Net Worth Divorce Lawyer
British Columbia residents have trusted Valerie M. Little to provide the support they need when navigating high net worth family law cases. Valerie has over 30 years experience in British Columbia as a family lawyer.
You can trust Valerie M. Little Law Corporation to provide you with the support you need. As an experienced high net worth divorce lawyer, Valerie can provide clear legal advice, practical solutions, and effective strategies to ensure your family law issues are resolved fairly and efficiently whether that is outside or inside a courtroom.
For more information about our British Columbia family law firm or to schedule a consultation with our BC high net worth divorce lawyer, please contact us today. Valerie M. Little Law Corporation is a British Columbia family law firm that is centrally located in New Westminster and serves the surrounding areas of Burnaby, Maple Ridge, Coquitlam, Port Coquitlam, Vancouver, North Vancouver, West Vancouver, Port Moody, Richmond, Surrey, Cloverdale, Delta, and Langley. We welcome you to contact Valerie by email at valerie@family-law.ca or telephone at 604-526-3333. Get the answers you need to move forward with your life.