A divorce is complicated even under the best of circumstances. A high net worth divorce is especially so. Certain circumstances can make the process of divorcing more difficult. Money and complicated assets are a chief concern.
The divorce attorneys at Gearing, Rackner & McGrath are one of Portland, Oregon’s most qualified teams with more than 100 years of experience in family law. If you are facing a complex or high net worth divorce, you need an attorney who understands the needs of a high net worth.
Specialized Needs of High Net Worth Families
A “high net worth” couple is defined by the Securities and Exchange Commission (SEC) as one with over one million in assets, including their home, or a couple who has made at least $300,000 in combined income for the last two years. Whether you and your spouse technically fit this definition or not, when there are considerable assets involved you have special needs through the divorce process.
Gearing, Rackner & McGrath understands how to handle all the specialized issues within a high net worth divorce:
• Spousal support
• Child support
• Investment property
• Residential property
• Family businesses
• Closely held corporations
• International finances
• Complicated retirement funds
• Assets acquired prior to marriage
• Prenuptial agreements
In addition to the complicated business and financial aspects of these divorces, there are significant personal and family considerations as well. Child custody issues are often the main concern of parents who divorce. Plus, the nature of the marriage and the lives of each spouse can create an unbalanced power dynamic between them.
Oregon law does not require equal distribution of property in a divorce, but fair according to the contributions of each spouse. This includes the work done by a spouse who stayed at home to raise children or be a homemaker. Identifying assets and knowing what each spouse is entitled to under the law is essential for a settlement that is fair to all involved.
5 Types of Assets Your Complex Divorce Attorney Should Investigate
Complex Divorce Does Not Have to Be Ugly
Although the issues involved in a high net worth divorce are more complicated, the divorce process does not have to be full of conflict by default. High net worth divorces can be handled with privacy, civility and respect. There is no need for a stereotypical, drama-filled divorce simply because there are higher-than-average assets involved.
Alternatives to litigation can work when all parties agree to them. Mediation and collaborative divorce could be good options. Keeping the divorce out of court has benefits such as:
• Privacy — These options keep the divorce out of the public eye and can help protect a high net worth family’s privacy
• Flexibility — Mediation and collaborative divorce allow a couple and their legal teams to be more creative in their solutions as they work together to resolve the divorce
• Cost — Alternate approaches to divorce can be less expensive than a drawn-out litigation process. In addition to the financial costs of divorce there are the time and emotional energy spent to consider which are also valuable.
Portland, Oregon High Net Worth Divorce Attorneys
There is much more than just money at stake in a divorce. Whatever is involved in a complex, high net worth divorce can be handled by the complex divorce attorneys at Gearing, Rackner & McGrath.
If you or your spouse are considering a divorce, contact Gearing, Rackner & McGrath to learn more about how our award-winning attorneys can help you, call us at 503-222-9116 or contact us through our convenient online form.