Going Through a High-Asset Divorce in CO? We Can Help
Divorces are high-stakes for many couples, but none more so than for those with high incomes or many assets. Business investments, stock market investments, trusts, savings accounts, and retirement funds deserve to be protected. Unfortunately, that is not always the case.
If you are planning a divorce or are in the middle of one and you have assets you wish to protect, The Law Office of Andrew Bryant can help you understand the many facets of high-asset divorce and work to protect the life you have worked so hard to build.
What Is Considered a High Asset Divorce in Colorado Springs?
A divorce is considered high-asset or high-net worth if there is a large marital estate that is to be divided during the divorce proceedings. The martial estates of high-asset divorces often include:
- Numerous funds such as pensions, retirement funds, IRAs, profit-sharing plans, annuities, tax-deferred compensation funds, ESPs, and other types of retirement plans
- Several bank accounts, investment accounts, and/or life insurance accounts
- Collectibles such as fine art or memorabilia
- Interests related to business ownership, such as limited partnerships or LLCs
- Commercial and/or private real estate
- Complex loans and mortgages
- Large inheritance
These are only a few examples, but you can see how complicated dividing these types of assets can be. This is why having an experienced Colorado Springs divorce attorney on your side can make all the difference, whether your divorce is amicable or not. You must protect your own interests.
How Are Assets Divided in a Colorado Divorce?
Whether it is you that has accumulated assets in your marriage, your spouse, or the both of you, dividing these assets during the divorce process is going to be the main concern. At The Law Office of Andrew Bryant, we understand how challenging this can be. Let us put our years of experience as high-asset divorce attorneys to work for you to help iron out the details and make sure you are protected.
Under Colorado law, marital property is to be divided equitably. However, that does not mean that the property in a marriage is to be divided equally. This is because different factors are considered in the dissolution of the marriage that can influence how the property is divided.
A few factors that influence the equitable division of property in a high-asset divorce include
- The contribution of each spouse to the acquisition of the property
- The value of the property
- The economic circumstances of each spouse at the time the property is to be divided
- Decreases or increases in the value of property
The court will also consider separate property, which is the property that each spouse brought into the marriage, or any property one spouse received as an inheritance or gift.
In a high-asset divorce, even separate property can be a complicated aspect. That is why having a skilled attorney on your side is important.
Warning for Divorcing Coloradans: Never Conceal Your Assets
If your divorce is particularly contentious, you may be tempted to hide your assets to avoid parting with them. Be warned, though: one of the first things you have to do is complete a sworn financial statement when seeking a high asset divorce.
If you attempt to hide assets, you could be held in contempt of court. Be transparent with your attorney and the court about your assets and you can work legitimately toward a more favorable outcome.
Protect Your Assets With Knowledgeable Legal Support from Andrew Bryant
In high-asset divorce cases, there are often unique and complex assets involved. Your stocks, bonds, retirement, businesses, savings, real estate, and other assets deserve to be protected, which can be difficult without the help of an experienced professional.
At The Law Office of Andrew Bryant, we understand how to traverse the intricate Colorado laws that govern divorce and help find innovative solutions for our high-asset clients. Contact us for a consultation today by completing our online form or give us a call at 719-634-7353.