While ending a marriage that involves expensive possessions is governed by the same laws as all other cases, these situations sometimes include unique complications. When you are breaking up and valuable property is included, you should seek out a skilled divorce attorney today.
Protecting your rights is important in these situations, because your financial recovery might be adversely affected. You could benefit from speaking to a Lincoln County high-asset divorce lawyer.
Ending a Marriage With Expensive Properties
One of the major challenges of these divorces is that the court system is neither accustomed to nor is equipped to handle rare, expensive possessions. While determining the value and ownership of items such as motor vehicles and moderately-priced homes is relatively straightforward, this process is far more complex for premium assets.
These situations often involve properties such as:
Closely-held businesses
Commercial real estate
Corporate severance packages
Intellectual property
Large tracts of real estate
Luxury vehicles
Pensions
Rare jewelry or art
Furthermore, determining the worth of items such as intellectual property or closely held businesses often requires the help of experts.
A Lincoln County attorney could find the specialists needed for valuing possessions in high-asset divorces. Call (785) 645-2732 today!
While there are unique challenges in these cases, the process they follow is no different from any other divorce. Before a judge can officially end a marriage, the person filing must comply with state residency requirements and serve a copy of the petition on their spouse.
When it comes to the division of marital assets in these situations, the judge will first determine what these valuable possessions are worth. This can be a difficult process when it involves couples who have accumulated many premium assets. In some situations, disputes can arise over what these objects are worth. While this process can be contentious, these disputes are important because they can affect how property is divided between spouses. For example, a spouse who receives something they believe is undervalued could end up with much less than they deserve overall.
Valuation is not the only challenging aspect of this process. In many divorces, some possessions may be liquidated to ensure both spouses receive a fair share; this can be difficult when it comes to expensive items such as commercial real estate, rare art, or luxury cars. An attorney who understands this process could help with valuing and liquidating premium property fairly.
Ending a marriage in this way often results in legal battles, which can be lengthy and complex. This is due in part to the substantial documentary evidence required in cases with significant resources. Given the high stakes, such litigation can also be contentious. A Lincoln County high-asset divorce attorney could assist with every aspect of litigating these disputes.
Documenting Possessions
Due to the complex nature of breakups involving substantial assets, litigation can be a lengthy and complex process. It often relies heavily on documentary evidence at trial. This can include the use of public records that establish the historical worth of marital property, as well as documentation that helps determine ownership of a premium property prior to a marriage.
Call a High-Asset Divorce Attorney in Lincoln County
The issues faced by divorcing couples holding expensive property are important, and they can be difficult to resolve without help. When the financial stakes are high, seeking out legal guidance with experience in such situations is important.
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