High Net Worth Divorce in Arizona
When younger couples get divorced in Arizona, the process may be fairly straightforward because they may not have had much time to accumulate very many assets. However, if you have been married for a long time and have built substantial assets during your marriage, you may have to go through a type of dissolution called a high net worth divorce.
This type of divorce can be very complex because of the different types of assets that may be involved. High net worth divorces may involve complex asset classes and holdings worth hundreds of thousands up to millions of dollars. People who go through these types of divorces will likely need to get the help of a competent family law attorney who is experienced in handling high net worth divorce cases.
The Hutto Law Team understands complex asset and debt division matters and is prepared to help.
How is a High Net Worth Divorce Different from a Regular Divorce?
A high net worth divorce will frequently involve complex legal and business issues that are not involved in regular divorces. High net worth couples may have vastly more extensive assets, including businesses, real estate holdings, art collections, trusts, stocks and bonds, investment accounts, retirement accounts, jewelry, and more. All of these types of assets may need to be identified, located, and valued to accomplish an appropriate division of property.
Under A.R.S. § 25-211, Arizona is a community property state. This means that all of the assets that you have accumulated during your marriage that are not deemed separate property are considered to be equally owned by both spouses and subject to equal division. In many high net worth divorces, however, there may be antenuptial agreements in place.
High net worth divorces are likelier to include disputes about whether certain assets should be considered to be separate or community property.
ALTHow are Trusts Handled in High Net Worth Divorces?
Some wealthy couples have trusts established to hold substantial amounts of their assets. The handling of the assets of a trust can be crucial for the outcome of the property division in a high net worth divorce. When a spouse funds a trust with community property, it can transform the assets in the trust from being considered to be the separate property of that spouse to being considered to be the community property of both spouses to be divided in the divorce.
Normally, a trust that was created by a third party to benefit one spouse but not the other will be considered to be the beneficiary spouse’s separate property. The other spouse might argue that the court should consider the trust when it determines the amounts of spousal and child support that the other spouse should be granted.
When a trust is involved in a divorce, an attorney will need to seek disclosure from the trust. This can be hard because trust accounts may be located outside of the U.S. Trustees for U.S. trusts will normally send disclosures in response to a request. Offshore trusts might have trustees that fail to respond. When that happens, you might have to file a petition with that country’s court to seek an order for the trustee to provide disclosures.
To learn more about the types of divorce and legal represeentation in Arizona visit The Law Office of Daniel Hutto PLL
About Daniel Hutto
An uncontested divorce in Arizona is generally easier to handle for both parties and their attorneys and is most common among couples who don’t have much property or debts to divide, or any children for whom they must find a way to share custody and establish child support.
However, even among couples with children, property, assets and debts, uncontested divorce is still the most common type of divorce proceedings in Arizona.
If you are considering a divorce or legal separation, contact The Law Office of Daniel Hutto. In Phoenix Arizona call (602) 671-0391.
Contact:
Law Office of Daniel Hutto
4201 North 24th St.
Phoenix, Arizona 85016
Phone: (6020 671-0391
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