A high net worth divorce is not the same as other divorces. A unique approach is required to deal with the more complex issues and specialized legal advice is a must when significant assets and incomes are involved.
Valerie M. Little, an experienced high net worth family lawyer in British Columbia, can provide legal guidance and support tailored to your unique situation. We welcome you to contact her today to schedule your own individual and confidential consultation.
If you are in the early stages of separating from your spouse, you are debating hiring a family lawyer or you are unsure of how a family lawyer’s expertise can help you navigate a high net worth divorce, this article is for you.
How can a family lawyer protect your interests in a high net worth divorce?
A high net worth divorce typically involves matrimonial property worth $1 million or more. Property may include the matrimonial home, pensions, registered investments (RRSPs, RESPs, etc.), stocks, bank accounts, trust property, art, jewelry, recreational properties, vehicles, and real estate investments. It may also include business assets, corporate interests, and/or professional practices such as those operated by a doctor or dentist.
In some cases, both spouses are high net worth individuals or high-income earners. In these situations, each spouse should be represented by a family lawyer with extensive experience handling high net worth divorce cases. In other cases, one spouse may be significantly wealthier or earn a more sizeable income. If you are the wealthier spouse, your family lawyer will meticulously assess your full financial status, advise you on what assets are excluded from division (e.g., inherited property, gifts, and assets acquired before the marriage are not subject to division), advocate to safeguard your income, assets, and business interests and offer creative solutions to structure property division to protect your wealth and minimize tax liabilities in conjunction with accountants, tax lawyers, business lawyers and commercial property appraisers or business evaluators .
Conversely, if you are a spouse with fewer financial resources, the right family lawyer will ensure equitable treatment and full disclosure of assets by your wealthier partner. In situations where there is a significant disparity in incomes and assets, the spouse with fewer resources may be more vulnerable or kept in the dark about the true financial picture. A skilled high-networth divorce lawyer can help correct the power imbalance by fearlessly obtaining full financial disclosure, inquiring about hidden assets, and taking necessary steps to freeze assets so they are not depleted, sold, encumbered or moved out of province before family law issues are resolved.
Legal strategies your family lawyer can employ in high-net-worth divorce cases
Every family law case—whether it involved high net worth individuals or not—is unique and must be assessed on its particular facts and circumstances. Here are some of the strategies a skilled family lawyer can call upon in a high net worth divorce:
Ensuring full financial disclosure, including personal tax returns, corporate financial statements and investment portfolio statements;
Investigating to uncover hidden assets, foreign assets and securing court orders to obtain proper disclosure if relevant documents are not forthcoming;
Connecting you with the right professionals to value assets or business interests fairly and accurately;
Getting accounting advice for the dissolution of family property;
Interpreting corporate financial statements to get an accurate picture of income for support purposes and associated property that may be subject to division on divorce;
Arguing whether certain earnings such as retained earnings, dividends, bonuses) should be taken into account when deciding how much support to pay;
Collaborating with tax professionals to explore tax efficient settlements;
Obtaining court orders to protect assets, to provide temporary child support or spousal support, or to secure an interim distribution of family property;
Obtaining court orders with respect to occupation of the family home, including who is responsible for related mortgage payments, property taxes, repairs and insurance thereon;
Determining if a one-time payment to end financial ties after the divorce is feasible;
Determining an individual’s true income for support purposes;
Assessing how much child support is reasonable in light of the condition, means, needs and other circumstances of the child if your annual income os over $150,000.00 and the financial ability of each spouse to contribute to the child’s upbringing.
Determining how much spousal support should be paid or received;
Utilizing alternative dispute resolution methods such as mediation and arbitration to maximize privacy and confidentiality as court proceedings are in the public domain. Another major benefit of mediation is that it allows parties to implement customized, creative solutions to suit their unique situation.
Protecting your reputation during the divorce.
As an experienced high net worth family lawyer In New Westminster, Valerie can help you protect your interests by providing strategic legal advice, negotiating fair settlements and advocating for your rights in court.
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 New Westminster divorce lawyer, Valerie can provide legal advice practical solutions and effective strategies to ensure your family law issues are resolved fairly and efficiently whether that is outside or inside the court room.
For more information about our family law office or to schedule a consultation with our high-net-worth divorce lawyer, please call us today. We are here to help. Valerie M. Little Law Corporation is a 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. For guidance and legal advice customized to your situation, we welcome you to contact our family law firm today by email or telephone at 604-526-3333. Take action, let’s talk today.