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Most people worry about what will happen to their money and assets during divorces, but this issue is particularly salient for high-net-worth individuals. If you’re concerned about whether your marital assets will be divided fairly and how issues like spousal and child support will be handled, you can learn how high-net-worth divorce works in Oklahoma or hire an Oklahoma high-net-worth divorce attorney to handle your case from the start.
Primary Concerns for High-Net-Worth Individuals
The median household income in Oklahoma County was just $66,700 from 2020 to 2024. However, there are many high-net-worth individuals living in Oklahoma who have more to lose should they divorce from their spouses. Their primary concerns typically include:
What You Need to Know About Complex Asset Division
Dividing funds in bank accounts is simple, but most high-net-worth individuals own many types of property. The types of property can include:
- Business interests. You’ll need an accurate valuation of your business’s worth to determine marital growth.
- Retirement and pension accounts. Retirement accounts include 401(k)s, IRAs, and vested or unvested pensions. You may need a QDRO to transfer funds from these accounts without incurring tax penalties.
- Executive compensation. Your executive compensation, including deferred compensation, will need to be divided fairly as part of your marital assets.
- Real estate. You have several options for dealing with real estate investments, including buying out your spouse, selling the properties and dividing the income, and trading other valuable assets for your spouse’s interest in the properties.
- Investment portfolios. If you have brokerage accounts, bonds, or mutual funds, they must be divided along with the rest of your marital property.
- Digital assets. Cryptocurrency such as Bitcoin can be sold, and the profits can be divided between the spouses, or you can trade other comparably valuable assets for your cryptocurrency holdings.
- Intellectual property. The presence of intellectual property can complicate asset division, as royalties, patents, copyrights, and trademarks can generate future income.
- Valuable possessions. If you are a collector of art, luxury vehicles, or other valuables, you will likely want to keep your collections intact. This may require buying out your spouse’s interest in them.
Tips for Protecting Your Assets
While there is no way to prevent your spouse from taking their fair share of the marital property, there are a few things you can do to protect your assets and make sure that your financial interests are supported throughout the divorce process. You can:
- Set a specific valuation date. Market-sensitive assets can continue to appreciate in value following your separation. Set a specific valuation date so you can keep the profits.
- Understand tax implications. There are often significant capital gains taxes associated with the transfer of assets during a divorce. Your lawyer can help you understand how they will impact your high-net-worth divorce case.
- Buy out your spouse to keep important assets. Non-liquid assets can’t be easily divided, which means you may need to buy out your spouse if you want to retain control of the assets.
- Look for hidden assets. High-net-worth individuals often attempt to hide assets during divorces by placing money in hidden accounts, transferring property, or overpaying taxes or creditors. A forensic accountant may be needed to identify these issues so that you can get your fair share of the marital property.
An Oklahoma high-net-worth divorce lawyer can assist you with finding professionals to manage things like minimizing your tax burden, finding hidden assets, and valuing your business. Your lawyer can also help you make sure you’re not overpaying child support or alimony.
FAQs
Which Assets Are Untouchable in a Divorce?
The assets that are untouchable in a divorce are known as separate assets. They include money or property acquired before the marriage, including businesses started before your wedding date; inheritances; and gifts made to one spouse exclusively. Things can get complicated if you commingle separate funds with marital funds, and any added value your business accrued over the course of your marriage may be divided during a divorce.
What Disqualifies You From Alimony in Oklahoma?
There are several factors that can disqualify you from alimony in Oklahoma. You won’t receive spousal support if you are financially self-sufficient, the marriage was short, or you begin to cohabitate with a new partner. Lack of financial need is the primary factor that drives disqualification from spousal support. The court focuses not on marital fault but on financial equity.
What Is the Biggest Mistake in a Divorce?
The biggest mistake in a divorce is allowing your emotions to drive the decision-making process. This leads to irrational, rushed settlements motivated by spite instead of the long-term financial security that most divorcees are looking for. Other major errors include not understanding the full picture when it comes to your marital property and failing to hire qualified professionals to analyze the tax implications of property division.
Is My Wife Entitled to Half My Inheritance if We Divorce?
Your wife is not entitled to half your inheritance if you divorce. Your inheritance is considered separate property, which means it goes with you when your marriage dissolves. To protect your inheritance, make sure that you do not commingle the funds with your marital assets. Keep them in a separate account, and don’t use your inheritance money to make major purchases that could be construed as marital property.
Hire a High-Net-Worth Divorce Lawyer Today
If you’re a high-net-worth individual preparing for a divorce, you need to take certain steps to protect your finances. You need to hire a divorce lawyer who understands the complexities of asset division, child support, and spousal support as they apply to high-net-worth individuals.
You can trust the team here at Bundy Law to help. We have extensive experience working with corporate executives, medical professionals, and people with substantial inheritances to protect their financial interests as their marriages dissolve. Aaron Bundy is the only International Academy of Family Lawyers attorney in Oklahoma, and all of our attorneys have experience in handling high-net-worth divorces. Contact us to schedule an initial consultation today.
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