High-asset divorces have additional complexities that are not always present in other divorces. Skilled legal support from a high-net-worth divorce attorney in Tulsa, OK, is crucial for navigating these cases. There are numerous factors that complicate these divorce cases, including:
Marital Agreements
Marital agreements, including prenuptial and postnuptial agreements, are historically more common in marriages between couples that own high-value assets. They are especially common when one spouse has a much higher income or greater resources than their spouse.
These agreements determine the rights and abilities each spouse has with different property, including what is considered marital and separate property. The agreements can also determine the division of assets in a divorce.
There are many cases where a marital agreement makes the process of a high-asset divorce much easier. Rather than needing to inventory and value assets and negotiate the division of property, couples can simply follow the marital agreement. This also saves them from having this division determined by the court.
This only applies if the court enforces the marital agreement, however. If the marital agreement is not enforceable, such as only protecting one spouse’s assets at the cost of the other spouse’s financial instability, the court won’t uphold it. This can complicate the process of asset division.
Hidden Assets
Spouses with high-value and numerous assets are more likely to engage in asset hiding than other couples, especially if the divorce is contentious. Spouses may hide assets for many reasons. They may want to prevent their spouse from having a claim on certain assets or want to receive more marital property than they would otherwise get. Hiding marital or separate assets can affect the division of property.
It is also illegal because divorce requires a full disclosure of all assets. It is often important to conduct formal court-ordered discovery in a high-asset divorce. This gives attorneys more options for uncovering hidden assets. Formal discovery and hidden assets can complicate and lengthen the process of a divorce.
Identifying Property
When couples divide their property in a divorce, they must determine what property is separate and which is marital. All of these assets must be inventoried. In high-value divorces, this can take much longer. High-asset divorces are also more likely to have out-of-state property, which may have unique laws affecting them.
There are also other complicated factors that determine if an asset is separate or marital, such as the contributions of a spouse during their marriage. Commingled or transmuted assets can complicate the identification of assets.
Evaluating and Dividing Property
Once properties are identified, it’s necessary to value both separate and marital property. This valuation is important to determine a fair split of marital assets, taking into account the separate assets each party has. It is also crucial that this valuation is accurate. In high-net-worth and high-value divorces, this can take a very long time and require financial professionals. There may be numerous assets with unclear values, like art, or complex assets, like stocks and businesses.
Valuing and negotiating the split of this property can take time and money. Both spouses likely have a lot of financial and emotional investment in their assets, and there are also significant tax considerations in high-value property and accounts.
Alimony and Child Support
Alimony is not always included in a divorce settlement, but it is more likely if one spouse has a much higher income than the other. If the difference in resources is not fully addressed in the property division, then alimony may be awarded to the lower-earning spouse. Alimony payments are often intended to maintain the standard of living for both spouses as they had during their marriage, which can lead to high alimony payments.
Divorces involving children will include child support, which is typically dependent on the income each spouse earns and the time their children spend with them. Child support is meant to ensure both spouses provide support for their children, and that children enjoy the same standard of living after divorce.
In high-net-worth divorces, there are often extraordinary expenses that judges will consider as part of a child’s standard of living. These additional expenses can significantly increase the amount of child support awarded, taking into account private education, vacations, and extracurriculars.
FAQs
Q: How Are Assets Divided in Divorce in Oklahoma?
A: In Oklahoma, assets are divided in a divorce based on equitable distribution laws. This means that the courts divide marital property based on what is reasonable given the spouses’ circumstances.
There are no set factors to determine what is just, but the property could be split equally or unequally. Marital property, or property obtained during their marriage, is typically what is split. However, there are situations where the court can take parts of one spouse’s separate property to provide child support for the other spouse.
Q: What Is a Wife Entitled to in a Divorce Settlement in Oklahoma?
A: A wife is entitled to the same things as any spouse in a divorce settlement in Oklahoma, which includes:
- Their equitable share of marital assets.
- The right to request custody of their children.
- The right to give or receive child support.
Couples can either reach these agreements through negotiations with each other or let the court decide. A negotiated agreement must be approved by the court. As long as the above areas of the agreement are considered fair to both spouses and in children’s interests, the court will approve it.
Q: Does It Matter Who Files for Divorce First in Oklahoma?
A: Oklahoma does have grounds for divorce, so filing first can enable you to file based on those grounds. If the divorce is no-fault, then the order of filing is less relevant. The court does not give legal preference to the petitioner or the respondent, regardless of whether it is an at-fault or no-fault divorce.
If you are considering a divorce, there may only be some strategic benefits to file first, such as choosing where to file the petition. Petitioners also often present their case first, which may be a benefit or a disadvantage.
Q: How Long Does the Average Divorce Take in Oklahoma?
A: The amount of time the average divorce takes to resolve varies based on numerous factors and can be made longer by complicated factors like high-value assets or determining custody. The minimum amount of time a divorce can take if you don’t have children is 10 days, and 90 days if you have children. These minimum waiting periods can be waived in certain cases, such as filing a fault-based divorce on grounds like extreme cruelty or habitual drunkenness.
If you need an experienced divorce attorney, contact Stange Law Firm.
