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High-Net-Worth Divorce in Connecticut
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A high net worth divorce in Connecticut involves a case in which there is a higher-than-average amount of assets. Individuals with a high net worth have special considerations during the divorce process. Some of the special concerns that they may have include:
Impact of Prenuptial Agreement
Couples who entered the marriage with more substantial assets may be more likely to have a prenuptial or postnuptial agreement in place that may dictate how assets are to be divided or spousal support is to be paid. However, the positions of the parties at the time of entering into the prenuptial agreement may be substantially different from their positions at the time of divorce. It is important that the spouses hire their own attorney who can explain the impact of the prenuptial agreement and whether there are any ways to secure a more favorable outcome. An experienced attorney can review the prenuptial agreement and determine if there are any possible challenges to its validity.
Child Support Guideline Deviations
In Connecticut, child support obligations are determine by using the child support guidelines. For situations where the parents’ combined net weekly income is more than $4,000, the presumptive minimum amount of child support corresponds with the amount of support required for weekly net income of $4,000. However, Connecticut child support laws allow courts to deviate from these guidelines under certain situations, such as:
• A parent has substantial assets and property
• The parents’ incomes are extremely disparate
• A child has extraordinary expenses, such as education, medical needs or special needs
• A parent has extraordinary expenses, such as significant expenses due to medical expenses or disability expenses
Additionally, high net worth couples may have special expenses that they wish to address regarding child support, including private school tuition, college expenses, expensive hobbies or employment of a nanny. They may also have trust funds set up for their children, college savings plans or other assets designated for their children that must be considered during the divorce process.
Spousal Support Considerations
If there is wide disparity between the incomes or assets of the parties, spousal support is more likely to be involved. Connecticut family court judges have wide discretion in awarding spousal support after evaluating several factors, including the assets and earning capacities of both spouses. High net worth couples may confront higher award amounts and durations of spousal support.
Property Distribution
Property distribution in high net worth cases may be more complex. Appraisers may need to determine a value for various assets, such as art, real estate, jewelry, coin collections and other collections. Experts may be hired to determine the value of a business. Forensic accountants may be necessary to identify and value other assets or to find hidden assets. High-earning spouses may have different forms of income, including base pay, stock options, bonuses, commissions and other perks that must be evaluated to calculate their true income.
Contact Us Today for Help on Your High Net Worth Divorce
As you can see, high net worth individuals have very specific concerns when going through a divorce. It is important to work with an attorney experienced on these matters. Michael T. Meehan has successfully represented the interests of individuals going through divorce and secured favorable outcomes through negotiation and litigation. For help with your Connecticut high net worth divorce, contact Meehan Law, LLC at (203) 521-1040 to schedule a confidential consultation with an experienced divorce attorney.
Click here https://meehanlaw.com to get more information about high net worth divorce lawyer.
Impact of Prenuptial Agreement
Couples who entered the marriage with more substantial assets may be more likely to have a prenuptial or postnuptial agreement in place that may dictate how assets are to be divided or spousal support is to be paid. However, the positions of the parties at the time of entering into the prenuptial agreement may be substantially different from their positions at the time of divorce. It is important that the spouses hire their own attorney who can explain the impact of the prenuptial agreement and whether there are any ways to secure a more favorable outcome. An experienced attorney can review the prenuptial agreement and determine if there are any possible challenges to its validity.
Child Support Guideline Deviations
In Connecticut, child support obligations are determine by using the child support guidelines. For situations where the parents’ combined net weekly income is more than $4,000, the presumptive minimum amount of child support corresponds with the amount of support required for weekly net income of $4,000. However, Connecticut child support laws allow courts to deviate from these guidelines under certain situations, such as:
• A parent has substantial assets and property
• The parents’ incomes are extremely disparate
• A child has extraordinary expenses, such as education, medical needs or special needs
• A parent has extraordinary expenses, such as significant expenses due to medical expenses or disability expenses
Additionally, high net worth couples may have special expenses that they wish to address regarding child support, including private school tuition, college expenses, expensive hobbies or employment of a nanny. They may also have trust funds set up for their children, college savings plans or other assets designated for their children that must be considered during the divorce process.
Spousal Support Considerations
If there is wide disparity between the incomes or assets of the parties, spousal support is more likely to be involved. Connecticut family court judges have wide discretion in awarding spousal support after evaluating several factors, including the assets and earning capacities of both spouses. High net worth couples may confront higher award amounts and durations of spousal support.
Property Distribution
Property distribution in high net worth cases may be more complex. Appraisers may need to determine a value for various assets, such as art, real estate, jewelry, coin collections and other collections. Experts may be hired to determine the value of a business. Forensic accountants may be necessary to identify and value other assets or to find hidden assets. High-earning spouses may have different forms of income, including base pay, stock options, bonuses, commissions and other perks that must be evaluated to calculate their true income.
Contact Us Today for Help on Your High Net Worth Divorce
As you can see, high net worth individuals have very specific concerns when going through a divorce. It is important to work with an attorney experienced on these matters. Michael T. Meehan has successfully represented the interests of individuals going through divorce and secured favorable outcomes through negotiation and litigation. For help with your Connecticut high net worth divorce, contact Meehan Law, LLC at (203) 521-1040 to schedule a confidential consultation with an experienced divorce attorney.
Click here https://meehanlaw.com to get more information about high net worth divorce lawyer.
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