High Net Worth Divorces
HIGH NET WORTH DIVORCES
High asset divorce requires the experience of a trusted divorce attorney who knows how to handle the complex issues that can arise in these cases. If your marital assets include real estate, including condominiums, vacation homes, mobile homes, time shares, and other important holdings such as businesses, stock options, stocks, mutual funds, money market accounts, various bank accounts, certificates of deposit, retirement plans, deferred compensation plans, you need a divorce attorney who understands finance and tax consequences. The experienced attorneys at Hynum Law handle a variety of complex, high asset divorce cases.
We will work with you to identify and inventory all the assets and debt in your marital estate. As part of this process, we will carefully examine your financial circumstances and sometimes discover hidden assets. Next we will help you acquire values for all the personal and real property and financial assets. It is very important that all the assets are properly valued. Often times, an expert is required for this process. The experienced divorce attorneys at Hynum Law work with professionals who value important assets such as real estate, antiques, personal property, automobiles, boats, pension plans, liquor licenses and businesses. We have strong working relationships with financial experts, tax experts, forensic accountants and business valuation experts who collaborate with us to provide you with a team of experts who are on your side throughout the process. Once all the property has been identified and valued, the property will be equitably divided. This does not mean that your marital estate will be divided equally. There are many scenarios in which one spouse may receive a larger share of the marital estate than the other spouse.
Child Support and Spousal Support
In addition to assisting you with distribution of marital assets in high net-worth divorce, our experienced attorneys will work with you to protect your rights in complex child support, spousal support and alimony matters. When the financial stakes are high it is important that you have an experienced attorney on your side who knows how to handle critical spousal support and alimony issues. Determining the amount of support can be complicated for individuals who are high-income earners or business owners.
In Pennsylvania, child support guidelines apply to parents with a net income of less than $30,000 per month. In high-asset cases, the Guidelines also apply to parents with net income in excess of $30,000 per month, but pursuant to a formula based calculation. The guidelines are based on factors that include the income of each parent, the number of children, and the number of overnight visits each parent has with the children. In addition, a determination must be made as to how much each parent will pay for health insurance, unreimbursed medical expenses, child care expenses and any extracurricular or recreational activities. The court considers disposable income of business owners, including benefits such as a car, medical benefits and travel, or the net income of other high net-worth payers. The court also considers the earning capacities of each spouse.
Sometimes financial experts and vocational evaluators are utilized obtain accurate information about a parent’s earning capacity. The experienced attorneys at Hynum Law can help you gather relevant important financial, tax, child care, health care, and activity information to accurately calculate child support. It is crucial that correct information is presented to the court to ensure that you receive or pay the right amount of support. If there is a change in financial circumstances, change in custody of the child, or the needs of the child, either parent can request a modification of the child support obligation.
In Pennsylvania spouses have a duty to support each other. Spousal support is money that is paid to a spouse when the parties are separated but not divorced. Spousal support is subject to entitlement defenses, which means that if a spouse engaged in certain conduct set forth in the Divorce Code, he or she may not be entitled to spousal support. There are many reasons why a spouse may not be entitled to spousal support. However, even if your spouse is not entitled to spousal support, he or she may be entitled to alimony pendent lite (APL), which is money awarded during the pendency of the divorce proceeding awarded based upon the needs of the dependent spouse. An APL claim is not subject to entitlement defenses. Thus a spouse who engaged in fault conduct can receive APL from the other spouse. The experienced attorneys at Hynum Law can explain the important differences between spousal support and APL, evaluate potential claims in your case, and navigate you through this complex area of the law. We regularly represent spouses who are pursuing and defending against these claims.