High-Asset Divorce Lawyer in Kansas City

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Anyone who gets divorced will have to address asset division, which can be one of the most contentious steps in the process. However, high-asset divorces can involve unique and sometimes unusual issues. You need an attorney who is prepared to handle the special challenges that may arise. With the right law firm by your side, you can help ensure that your case is properly handled with your best interests in mind. Count on Joseph, Hollander & Craft to serve you when you need it the most.

The Issues Involved in High-Asset Divorces

Although you will need to determine asset division just like any other divorcing couple, your case may require a more personalized approach. Some high-asset divorces raise questions that many attorneys, and sometimes judges, have little experience handling. What tends to make high-asset divorces challenging are the various types of assets that are at issue, such as:

• Real estate: Real property in other states, or other countries, as well as investment properties, vacation properties, and commercial and industrial properties.
• Retirement accounts: Determining which portions of substantial retirement accounts are marital, and their proper values, is not always straightforward.
• Investments: From stocks and bonds to mutual funds and annuities, the portfolios that are implicated in high-asset divorces are often diverse. Both spouses may have acquired significant investments that must be divided between them.
• Digital assets: With the rise of cryptocurrency, increasing numbers of wealthy spouses are having to determine how to split these assets during their divorces. You may need the input of an expert witness who has specific experience handling these items.
• Family businesses: Addressing issues related to a closely-held business can be one of the most challenging aspects of a divorce.
• Professional practices: Likewise, a high-net-worth individual who owns a private practice (e.g., a doctor or an attorney) must work to ensure their business is not adversely impacted by the divorce.
• Collectibles: Collections of artwork, jewelry, rare items, and similar assets may require expert valuation and can often inspire heated disputes.

Challenges You May Face in Your High-Asset Divorce

Regardless of which side of a divorce you are on, you will need seasoned legal counsel who is ready to tackle the special circumstances at work in your case. Spouses can expect to deal with the following, among other obstacles:

• Valuation issues: Determining the value of marital assets is an essential step in property division, but valuation can become more complicated, and possibly disputed, in a high-asset divorce.
• Hidden property: Spouses are not always forthcoming with the assets they have, and this is no less true in a high-net-worth divorce. You may require assistance from a private investigator, forensic accountant, or legal counsel in another state to assist with the process.
• Tax implications: No matter what types of assets are involved, there are likely going to be tax concerns in your case. Understanding the state and federal tax implications will require strategic legal planning.
• Inheritance issues and asset protection: You may have inherited property that you wish to shield from the divorce process. The same is true with protecting the value of your assets that you depend on for retirement or that you wish to pass on to your heirs.
• Professional consequences: Your professional reputation could be on the line in your divorce. Also, if you own a company or private practice, the profitability and success of the business (and therefore the impact on your professional future) could be substantial.

Making the Best of Your Divorce

Protecting your personal, professional, and financial interests will require a customized approach. When you retain us to handle your Kansas City divorce case, we will discuss the following, among others matters:

Mediation

Many high-asset divorces are not well-suited for litigation. Spouses often want to maintain their confidentiality rather than subject their private lives to the public scrutiny of court. For this reason, your rights and interests may be best served by mediation.

This process involves a neutral third party who can facilitate productive negotiations between the spouses and work for a mutually beneficial settlement, but you will need a mediator who has specifically dealt with cases that involve the types of assets at issue in your divorce. We understand the importance of mediation in these matters and are ready to recommend an experienced mediator.

Child Support and Alimony

Child support can be complex with high-income and high net worth individuals because the court is able to deviate from the guidelines. Meanwhile, alimony raises questions of a spouse’s financial needs and vocational prospects after divorce. Allegations of hidden income and property can affect these issues as well. Our firm has extensive experience with all aspects of the divorce process.

Financial Specialists

When you need experts, we can connect you with financial specialists such as business evaluators, consultants, appraisers, and forensic accountants. These and other experts provide critical insight and, often, court or deposition testimony on behalf of our clients.

It is likely that your spouse will also hire their own specialists to assist with their case, or to attempt to refute the testimony of the experts you retain. We will therefore work to anticipate objections and responses that these professionals may advance.

Preparing for Your Kansas City High-Asset Divorce

Whether you have filed for divorce or you have been served with court papers, the time is now to speak with dedicated legal counsel. To get ready for your consultation and pave the way for the most advantageous outcome, we suggest the following:

• Start organizing your assets: You will need to develop an inventory of the real, personal, tangible, intangible, and digital assets you own. Although asset division only concerns marital property, you should list your separate property as well.
• Understand the consequences of divorce: Our goal is to help high-asset clients appreciate the potential tax, professional, inheritance, and financial repercussions of their divorces. To that end, be sure you are upfront with your attorney about all of your property and your concerns for how the termination of your marriage will affect it.
• Be reasonable with spending: Courts do not like to see high-net-worth spouses spending exorbitantly in the months leading up to and after the divorce petition is filed. Doing so can appear wasteful in the eyes of the judge and make opposing counsel more curious about potentially hidden or undervalued assets, so be prudent with your spending during this time.
• Your divorce will take time: High-asset divorces generally take more time because of the intricate steps involved in identifying, classifying, valuing, and dividing marital assets.

Serious Divorces Require Serious Legal Representation

By hiring legal counsel early, you improve the chances of reaching the best possible outcome in your high-asset divorce. Get started today by contacting Joseph, Hollander & Craft.

We are located on the corner of 10th & Cherry Street in Kansas City, MO, close to the Jackson County Courthouse. We also have offices in Overland Park, Lawrence, Topeka, and Wichita for your convenience.