Carthage High Asset Divorce Lawyer

High asset divorces center on analyzing financial accounts, ownership structures, and tax liabilities. If you have reason to believe that your marital estate includes privately held businesses, investment accounts, inherited wealth, or multiple residences, you should speak with a Carthage high asset divorce lawyer.

Clients have privately held businesses and investment accounts throughout Carthage and Jasper County. Farms, professional practices, and small businesses near Interstate 49 and Historic Route 66 require knowledge of how marital assets are characterized and divided by Missouri courts.

Bundy for Your High Asset Divorce

Bundy is a family law trial practice that represents high-net-worth clients throughout Missouri, Oklahoma, and Arkansas. Our partners, Aaron Bundy and Kathleen Egan, are fellows of the American Academy of Matrimonial Lawyers. Aaron Bundy is also a Fellow of the International Academy of Family Lawyers. Two of our partners are board-certified in family law trial practice by the National Board of Trial Advocacy.

Equitable Distribution of High-Value Marital Property

According to the CDC, Missouri has a divorce rate of 2.4 per 1,000 residents. High asset divorces occur in the state, as there are different levels of income in the state. In Carthage, the median household income is $51,328.

Section 452.330 of Missouri’s statutes directs the court to split marital property and debt in a manner it finds fair, after identifying what is marital versus non-marital. Marital property does not always mean a 50/50 split. Instead, Missouri is an equitable distribution state.  This means the court can divide the marital property and debt however it deems just after considering all relevant factors. Factors the court may consider when dividing marital property and debt include:

• The economic circumstances of each spouse
• Contributions to the acquisition of marital property
• Dissipation of marital assets

Separate Property

High asset divorces frequently involve wealth accumulated prior to marriage. When determining whether property is marital or separate, the courts analyze when investments were acquired.

Inherited investment accounts, family trusts, and business interests acquired before marriage are some examples of assets that can be considered separate property. Ultimately, these decisions are deeply rooted in the specifics of each case, including the ownership framework and any valid exclusions under Missouri’s statutes.

Courts located in Carthage typically hear divorce cases for residents of Jasper County. The local circuit court is the Jasper County Circuit Court, Carthage Division, located at 302 South Main Street, Carthage, MO 64836.

High-Income Professionals

Not all income earned by high-wage earners comes in the form of a weekly paycheck. Executives may benefit from earning packages that include restricted stock, performance bonuses, stock options, and deferred compensation. Complexities can arise when determining when these awards were earned or if they should be characterized as marital assets.

Restrictive clauses and employment contracts may establish vesting schedules or provide that an award is non-transferable or forfeited upon divorce. Employer-sponsored retirement plans require review as well.

Spousal Maintenance

Missouri judges can mandate spousal support if a spouse lacks adequate assets post-divorce to cover their reasonable needs and can’t earn enough through suitable work, or if other legal criteria are met. Courts look at several factors, including the earning capacity of each spouse compared to the other, length of marriage, and standard of living while married.

Simply because a couple was a high-income marriage does not mean the spouses are automatically entitled to maintenance. The court has to look at the finances of the spouse seeking maintenance and the ability of the other spouse to support themselves.

Bonuses, Stock Options, and Retirement Accounts

Doctors, lawyers, and other high earners may be compensated with arrangements other than a basic salary. Disputes can arise with restricted stock units, performance awards, stock options, and deferred bonuses as to when the benefit was earned and if it is considered marital property. Whether certain awards are considered yours completely or are subject to forfeiture often hinges on vesting and employment agreements.

Retirement accounts need to be analyzed as well. You may need a qualified domestic relations order to split certain employer-sponsored retirement plans. Federal retirement accounts, pensions, and nonqualified deferred compensation may all be administered differently.

When to Hire a High Asset Divorce Lawyer

If you have complex financial assets, you may want to hire a high asset divorce lawyer before you agree to any valuations of assets or property being divided. A Carthage high asset divorce attorney can subpoena business records for discovery, review financial declarations, work with forensic accountants to investigate financial matters, and dispute unsupported claims of value.

If your case goes to trial, your attorney can provide professional testimony, cross-examine the other party’s financial witnesses, and help develop your evidence to support your request for a division of assets.

FAQs

Can a Prenuptial Agreement Protect Assets in Missouri?

Yes, a prenuptial agreement, when properly signed, can outline how specific assets and financial duties should be managed should the marriage end in divorce or through death. Missouri courts typically enforce these agreements if they meet certain legal standards. Courts look at the terms of the agreement itself and the facts and circumstances surrounding the agreement, should any challenges arise.

Can One Spouse Be Forced to Pay the Other Spouse’s Attorney Fees in Missouri?

Yes. After considering all relevant factors, courts have the authority to order one party to help pay for the other party’s reasonable attorney fees. If one party makes significantly more than the other, the court is not required to make an award. The court also has discretion on whether to award fees.

What Happens to Life Insurance During a Missouri High Asset Divorce?

Life insurance policies should be reviewed if they have accrued cash value or stand to provide a financial benefit to someone. For example, whole life insurance policies and universal life insurance policies have a cash value component and could hold assets that are subject to property division. Term life insurance policies, however, do not typically have any cash surrender value.

How Does Bankruptcy Impact a Missouri High Asset Divorce?

Bankruptcy can have various effects on a divorce proceeding. Should a party declare bankruptcy, it typically results in a halt to any ongoing legal actions involving marital debts, property rights, and finalized judgments. However, certain family law matters represent exceptions to this general rule. Under certain conditions, and depending on the type of bankruptcy filed, property settlement commitments might not be cleared.

Call Us Today

If you are going through a high asset divorce, there are many issues to be considered. Bundy can advocate on your behalf and represent you in legal proceedings. Contact us today for more information.