So-called “high net worth” or “high asset” divorces in Michigan often entail more complexity than other marital splits.
And that is understandable. There is obviously more at stake financially where significant property is in the distribution mix.
Michigan is an equitable distribution state where divorce-linked assets are concerned. What that legally signifies is that marital property must be divided in a way that emphasizes fairness rather than a precise 50/50 split in a given case.
Many factors typically come into play in a high-end dissolution. An authoritative Michigan legal source on high-asset divorce duly stresses that they can easily render property division “a contentious issue.”
And one that requires the close guidance and proven input of an experienced family law legal team on many points as well. One central focus in many high-asset divorces is on an existing business, which links immediately with a number of key imperatives, including these:
- Safeguarding ongoing business viability (ensuring the enterprise “remains intact and operating at the same level”)
- Keeping the company name/reputation (good will) untarnished
- Securing an accurate business valuation
That last bullet point spotlights subject matter that can be a bit tricky. Divorcing spouses sometimes try to hide business assets or manipulate their value, which can lead to inaccurate assessments and skew a court’s consideration of any property distribution proposal.
Seasoned asset-division attorneys anticipate such matters and take all due measures necessary to ensure accuracy in the process. That can include working closely with forensic accountants, appraisers and other professionals and also assessing the long-term value of an enterprise such as a professional practice.
Questions or concerns regarding a business or any other matter tied to a high-net-worth divorce can be directed to an experienced and results-oriented legal office.