Divorce is never easy. But, a high asset divorce can be particularly complex. It can also be intimidating for a spouse who earned less than their partner but made substantial non-monetary contributions to the marriage. Many spouses in this situation fear losing the financial security they had during the marriage.
In a high asset divorce in Minnesota it is critical for a spouse to get a fair result in the property division and to seek alimony, also known as spousal support, if they need it. Minnesota courts attempt to divide marital property in an equitable and fair manner. They can also award alimony if the property division does not provide one spouse enough to meet their reasonable needs, taking into account the couple’s standard of living during the marriage.
When couples with significant assets split up, the factual and legal issues can be challenging. Assets such as real estate, artwork, investment accounts and business holdings must be identified, valued and classified as marital or non-marital property.
Retirement accounts present unique issues when they are divided in a divorce. When splitting retirement accounts it is critical to comply with federal laws in order not to lose the tax advantages of these accounts. Post-nuptial and prenuptial agreements are often present in high asset divorces and they must be carefully scrutinized and challenged if necessary.
Sheridan & Dulas, P.A. attorney DeAnne Dulas has two decades of experience practicing family law in Minnesota and is committed to helping Minnesota spouses get what they are entitled to in complex divorce cases. For more information on how we can help, please visit our Dakota County High-Asset Divorce Attorney web page.