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High Net Worth Divorce Attorney in Utah

Award-Winning Lawyer for Your High Net Worth Divorce Case in Utah

Representation For High Net Worth Divorce Cases

When high net worth individuals divorce, their cases are often far more complicated than those involving people of average means and resources. Such high-stakes cases involve complex financial and business issues, especially if the spouses have worked together in a professional capacity such as in building and running a business.

Success in a high net worth divorce depends in large measure on having skilled legal representation to guide you through the process, help you resolve difficult questions of asset division and the payment of alimony, and fight aggressively for you in court if necessary.

You can find the knowledgeable and dedicated Salt Lake City divorce lawyer you need by coming to the Law Office of David Pedrazas.

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Tax Consequences Of High Net Worth Divorce

Oftentimes in settling divorce issues, family law attorneys will overlook the tax consequences of the matters at hand. Having a complete understanding of tax laws, therefore, can be of enormous benefit in structuring alimony and property settlement issues that can save you hundreds or even millions of dollars. Consider, for example, the fact that the party who receives spousal support will most likely have to report the payments as taxable income, while the paying party may be able to deduct the payment amounts as an expense.

We understand the tax issues that often arise in structuring high net worth settlements, so we make our best effort to limit the amount of tax exposure you may have in the future. Whether you are concerned about defending your own wealth from the claims of your spouse or if you are worried that you may walk away from divorce without your fair share of the marital estate, do not hesitate to contact us for a Legal Case Review from a divorce attorney with 20 years of experience and a track record of more than 1,000 cases.

Frequently Asked Questions About High Net Worth Divorce

Becoming more informed about what a high net worth divorce case of your kind entails can help you make sure that all your rights are fully protected throughout the legal process. A high net worth divorce lawyer works to ensure that complex financial issues and custody matters are resolved as quickly as possible and that you receive all property to which you are legally entitled. Contact the Law Office of David Pedrazas, PLLC, or search “high net worth divorce attorneys Salt Lake City Utah,” for thorough information about what to expect during the divorce process in a case involving high net worth.

In a high net worth divorce, couples have large amounts of financial assets. Ensuring that all the parties’ marital assets are appropriately valued and considered for distribution during the divorce process is a central focus of a high net worth divorce case. The various required valuations include real estate, businesses, investment accounts, intellectual property, collectibles, other personal property, and other financial assets.

So, in a high net worth divorce, financial statements, capital evaluations, real estate appraisals, and other information is necessary in order to determine asset values or to sell the property. A high net worth divorce attorney must work in cooperation with business attorneys, real estate brokers, accountants, and other relevant professionals, to obtain all needed information, guide the process, manage potential issues to help prevent complications from arising, and reach a final resolution as soon as possible.

The timeframe for finalizing a divorce between a couple with high net worth varies widely. The timeline for the final outcome can depend upon the complexities of the parties’ mutual involvement in their jointly owned business(es), and/or other contributors to growth of their net worth as a married couple, custody issues, complex property division, and debt division challenges, and the extent to which particular claims are contested by either party.

Utah Is an “equitable division” state. This means that, under Utah law, an equitable division requires that everything identifiable as marital property must be equitably distributed. The state of Utah defines “equitable” as “fair.” In the state’s definition, fair and equitable does not necessarily mean equal.

For example, in a long marriage of many years, a family court judge may determine that a 50-50 division of property is equitable in a divorce case. Or, depending on unique factors in the individual case, the judge may find that it is fair to divide the marital property in percentages that are not 50 percent for each spouse. (May 27, 2020)

Splitting up parties’ ownership interests in businesses they own together is the area of property division that is the most complex in a high net worth divorce. However, the process for the valuation of ownership interests of each of the parties is fairly straightforward. If a business has realized significant growth during a marriage in which both spouses contributed to it, the business is likely to be classified as a joint asset. Determining each spouse’s contributions to a business may require a valuation of the business, including all its assets, among other valuations.

Protecting business assets in a high net worth divorce requires obtaining a fair valuation and reaching an agreement that removes one spouse from the business, and arranging for payment, perhaps from personal assets or raising capital, to that spouse as part of the divorce settlement.

In a high net worth divorce, the amount of child support to be paid by the noncustodial parent, under Utah law, is still determined by a comparatively simple calculation using a standard child support formula. Calculating temporary spousal support is performed using a similar method. But, the use of the standard program for calculating child support or for determining the amount of temporary spousal support may not necessarily apply in every individual case.

In high net worth divorce cases, if income is high, the computer’s calculation might result in a total for the support order that is unreasonably high. In these instances, an experienced high net worth divorce attorney can work within this complicated part of the family court process to obtain a fair decision. Income is a primary focus of high net worth divorce cases, especially when there are multiple sources of profit distributions, passive income, and other sources of income, etc.

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Stay open to resolving all issues during the divorce process. Maintaining a positive approach avoids risk of court sanctions, of creating leverage against you in negotiations for child custody, and of unnecessarily adding to your own and your children’s stress levels during divorce.

Child custody cases between divorcing parents of any level of net worth can be finalized more quickly and smoothly, or become more complicated and protracted, depending upon the abilities of the parents to work together to come to a mutually acceptable plan for parenting during divorce.

Even in more difficult custody cases, custody agreements can often be resolved without escalating the matter to litigation. That outcome is less stressful for children and parents. In the most contentious cases, the family court judge makes the decisions on child custody arrangements.

Except in cases involving parental alienation, abuse, or gatekeeping, the family court does not step in to rule on custody. To achieve the best, i.e. the happiest and least stressful custody arrangements for your child and for your ex-spouse and yourself, consider your personal routine, and work for an arrangement with as much flexibility as possible.

There are pros and cons to moving out during a divorce proceeding. Discuss these and your domestic circumstances with your divorce lawyer in Utah, to help you make a fully informed decision that is in your children’s and your own best long-term interest. Prioritize getting temporary orders for custody, visitation, spousal and child support, and distribution of the primary property.

In Utah, there are consequences for trying to hide or devalue assets during a divorce, in an attempt to prevent them or their actual value from being considered as part of the process of property division. Failing to disclose assets is classed as perjury, which can result in fraud charges and the court awarding much or all of the hidden property to the other spouse. If there appears to be a risk of one spouse failing to disclose financial information during a divorce, the divorce attorney can use the “discovery” process, imposing a court order requiring the individual to cooperate or face legal consequences. The court can require the spouse to produce financial statements for bank, brokerage, and trust accounts, profit and loss statements, tax returns, loan documents, records of wire transfers, payments of royalties, and other financial documentation. A judge can also require inspections of safe deposit boxes, artworks, and other property, and appraisals of jewelry, cars, collectibles, and other items. Both written and oral interrogatories may be imposed, with potential perjury penalties for false answers.

Why Choose David Pedrazas for Your High Net Worth Divorce Case?

David Pedrazas earned a master’s degree in business administration from Brigham Young University with an emphasis in finance in 2005. He understands corporate structure, strategies, finance, and accounting, and is able to make use of this understanding in helping the firm’s clients to sort through the intricacies of a complex divorce in which considerable assets and property are at stake. Understanding the intricate details of business can often lead to structuring beneficial settlement agreements in your divorce case that another attorney may not see or understand.

Furthermore, high net worth divorces often require the involvement of accountants and other financial experts who can advise on particularly intricate questions involving investments, business valuation, and the division of assets and liabilities. Being able to understand the issues and communicate effectively with accountants and other business experts can make an enormous difference in resolving your divorce issues in an out-of-court settlement or presenting compelling evidence of your case at trial.

For More Information About High Net Worth Divorce or to Schedule a Consultation

David Pedrazas is a Salt Lake City family law attorney. For the past 20 years, David has been focused on fully protecting his clients’ rights in divorce. He is committed to making sure that you receive everything to which you are legally entitled, to help you and your family move beyond divorce to happier times.

For more information about working with a high net worth divorce lawyer in Salt Lake City UT, contact the Law Office of David Pedrazas, Salt Lake City, Utah at (801) 263-7078. Ask to schedule an evaluation of your case.

David Pedrasas is recognized for professional excellence, named Salt Lake City’s Best Divorce Attorney by the National Academy of the Family Law Association.

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