When a Minnesota couple decides to end their marriage, they usually negotiate a settlement. Various factors, such as if a couple has children, may add complexity to a case. A high-asset divorce can be stressful due to numerous issues. The good news is that stress can be minimized by tapping into available resources for support.
It is hard to say what makes a divorce a “high-asset” proceeding because there are no specific classification requirements. The term “high-asset divorce” typically refers to proceedings involving more than $1 million in liquid assets, meaning assets that will be split between spouses in property division proceedings. While every divorce is unique, spouses negotiating a high-asset divorce often have several issues in common.
The relationship between spouses in a high-asset divorce is often contentious
It is not uncommon for feelings of acrimony to spark delays and challenges in a high-asset divorce. When there is so much at stake — be it money, investments, business holdings, etc. — tempers may flare, and difficulty may arise in trying to achieve a fair settlement. These divorces also often involve third parties, such as an heir, business partner, etc., who may be affected by the financial outcome of the divorce. Finally, many high-net-worth cases often create jurisdictional issues because spouses may have assets in numerous states or countries, which brings multiple jurisdictions and divorce laws into play.
An experienced family law attorney can provide support to a Minnesota spouse who is filing for divorce. However, when high assets are at stake, it pays to rely on an experienced legal team that has gone to bat in litigation for clients who were negotiating settlements involving $1 million or more. Because these proceedings often involve business valuations, estate planning issues and more, it is beneficial to seek guidance from an attorney who is well-versed in these often complex issues.
