Posts Tagged ‘Mississippi divorce’

How High Net Worth Could Affect Your Mississippi Divorce

Thursday, August 22nd, 2013

If you are going through a divorce, you will be dealing with a variety of potentially difficult issues, all the way from child custody to the equitable division of assets. When a high net worth on the part of one or both partners exists, those issues can multiply exponentially, making the divorce considerably more stressful for those involved. Perhaps the most important issue when an individual of high net worth and a less affluent spouse are divorcing is that unknown assets cannot be properly valued and distributed.

When Only One Spouse Has a High Net Worth

The savvy divorce attorney will first identify all assets involved, gathering all information and evidence in order to support his or her client as assets sometimes go “missing” during particularly contentious divorces. Individuals of high net worth who are divorcing their less affluent spouses bring complex issues to the table. Interrogatories and document demands must be prepared which fully address all investments and assets. In many cases your attorney may recommend that you hire a forensic accountant or a financial investigator who can thoroughly investigate the spouse with the high net worth, particularly if you feel assets are being squirreled away.

When Both Spouses Have a High Net Worth

You would think that if both spouses have considerable assets and holdings it would be much simpler to accomplish an equitable distribution between the two, however this is not always the case. High net worth on both sides means the division becomes much more complicated, particularly if assets have been freely commingled during the marriage. It can become very difficult, especially in marriages of long duration, to accurately determine what each party brought to the marriage as well as what each has contributed during the marriage.

Hard-to-Value Assets

Division of assets in any divorce can be extremely anxiety-producing for those involved, but when the marital estate contains hard-to-value assets or a business, the anxiety can increase. Perhaps one party enjoyed a more successful career, came from a wealthy family or simply brought more assets into the marriage from the very start. Whether you are the person with more assets or the one concerned about your future, it is imperative you have an experienced divorce attorney by your side from the very beginning. Once a thorough evaluation of businesses, stocks and investments is determined and all assets are believed to be honestly presented, the divorce attorney begins the job of developing a comprehensive overview of the demands of his client.

Equitable Distribution in Mississippi

Mississippi is an equitable distribution state with the added caveat that each spouse may retain his or her property for which a valid title is held, however jointly titled property will be split. If the property settlement is disputed, a judge will make a decision on the asset distribution—and that decision may not be to either party’s liking. Marital assets are generally defined in Mississippi as property accumulated during the marriage, with exceptions such as inheritances exempt from such division. The courts will look at what you contributed to the marriage, both in financial assets as well as homemaker contributions and taking care of the children. Marital debts are also subject to division which is an important point for couples who carry significant credit card debt, mortgage debt, medical or other debt. Retirement benefits are also subject to division in most cases.

A Lawyer for Your High Net Worth Divorce

Divorce is difficult no matter the level of assets. Matthew S. Poole is an experienced attorney who can recommend forensic accounting experts and tax accountants to determine whether all assets have been properly stated and valued. As your divorce attorney, Matthew’s goal is to ensure your standard of living is not denigrated by the divorce and that your share of the marital estate will be maximized to the extent possible. No matter the extent or variety of your particular assets or those of your spouse, Matthew Poole will represent your interests aggressively while listening to your concerns. Matthew will work closely with you to obtain the best possible outcome and will use his extensive knowledge of Mississippi divorce to reach that outcome. Call (601) 573-7429 today to speak with Matthew Poole.