Bloomfield Hills High-Asset Divorce Lawyer

When a couple in Bloomfield Hills seeks a divorce, they must divide all assets and debts between them in an equitable manner. This can be a challenging issue for many couples, especially in an area where so many high-net-worth individuals live. Whether you are raising a family near the Cranbrook House and Gardens or own a private practice along Woodward Avenue, it is important that you hire a Bloomfield Hills high-asset divorce lawyer.

Hire the Trusted Team at Nichols, Sacks, Slank, Sendelbach, Buiteweg & Solomon, P.C.

For decades, Nichols, Sacks, Slank, Sendelbach, Buiteweg & Solomon, P.C., has been regarded as one of the most trustworthy and compassionate family law firms in Bloomfield Hills. We know firsthand how difficult divorce cases can be and how easily tensions and emotions can arise. We build a comprehensive case and work trusted mental health professionals, neutral parties, therapists, coaches, and guardian ad litems during high-asset divorce matters.

We have helped couples in Birmingham, Troy, Farmington, Royal Oak, and the surrounding communities with their high-asset divorces. We can offer you the knowledgeable and seasoned legal support necessary in a high-asset divorce, no matter the circumstances.

Over our many years of legal service, we have handled countless cases through the Oakland County Circuit Court and the court’s family law division in Pontiac. We can protect the things and people you hold most dear. Our team can explore all alternative dispute resolution methods, including mediation or arbitration, wherever possible. However, rest assured, we have plenty of courtroom experience and can zealously protect your interests during your divorce litigation.

What Factors Are Often Involved in a Bloomfield Hills High-Asset Divorce?

Michigan sees a divorce rate of around 2.2 per every 1,000 residents in the state. In Bloomfield Hills, where the median household income is around $200,000 a year, high-asset divorces are common. In these cases, valuable and complex assets are typically present. To make sure equitable distribution takes place, the couple must account for a large range of different, complicated assets, including:

• Inheritances. In most cases, when one spouse receives an inheritance, high-asset divorce laws consider it to be separate property. Therefore, it is not subject to property division. However, if the inherited assets have been commingled with shared or marital assets, the judge might order them to be divided.
• Business assets. If either spouse or the spouses together own a business or any assets involved in a business, these can be considered marital assets. They could include the business entity itself, any company vehicles or commercial properties, and the intellectual property of the company or practice.
• Pensions. In Michigan, pension benefits earned during a marriage are considered shared assets. Therefore, they are subject to an equitable distribution between the spouses.
• Retirement accounts. In a high-asset divorce, any kind of IRA, 401(k), or other retirement account earned during a marriage is considered marital property and subject to division in a Michigan divorce.
• Investments. During the valuation of marital investments, the court will consider both the current worth and the future value possible after appreciation. This can become much more complicated when the investments include business shares or professional licenses.
• Car collections. Many high-asset couples around the Bloomfield Hills area are proud owners of valuable car collections. These collections can be worth millions of dollars. If the vehicles were purchased during the marriage, they can be subjected to an equitable split between the divorcing couple.
• Multiple properties. If a couple owns several real estate properties during their marriage, including their home, vacation home, commercial properties, or rental properties, these forms of property are subject to the same property division laws as all other marital assets.
• Offshore accounts. The act of dividing property in a Michigan high-asset divorce can become further complicated when one or both spouses hold any offshore accounts or assets located overseas. International tax and property laws can present specific implications, so it is crucial to hire a Bloomfield Hills high-asset divorce attorney who understands these laws and can keep assets protected.

No matter what your case entails, the attorneys at Nichols, Sacks, Slank, Sendelbach, Buiteweg & Solomon, P.C., have the skills and experience needed to safeguard everything you want to protect.

FAQs

Q: What Assets Are Protected in a Divorce?

A: Even in high-asset divorce cases, where significant assets are present, your spouse cannot touch certain forms of property. These include anything that:

• You owned prior to the marriage, such as a vehicle or piece of property.
• You have received as a gift or inheritance.
• Is protected by a prenuptial or postnuptial agreement.

Q: What Should I Do If I Suspect My Spouse of Hiding Assets in Michigan?

A: Nearly 40% of couples admit to some kind of financial infidelity, including attempting to hide assets during a divorce. If you suspect that your spouse is hiding assets from you, there are several actions you should take. First, it is essential that you hire an attorney. It can also be helpful to hire a forensic accountant who can look for any unusual bank or financial activity by your spouse.

Q: What Other Factors Affect a High-Asset Divorce?

A: Apart from the obvious concerns of property division in a high-asset divorce case, other factors can cause varying degrees of difficulty. These can include:

• Spousal support, especially when there is a large income disparity between the spouses
• Child support issues, as these support obligations are often higher in high-asset divorces

Q: What Other Parties Can Help in a High-Asset Divorce?

A: In a high-asset divorce, several other professional parties, aside from your attorney, can be helpful during the property division process. Depending on the circumstances of your case, these parties can include:

• A forensic accountant, especially in cases where hidden assets are suspected
• Real estate appraisers
• Antique or art appraisers
• Medical professionals

Hire a High-Asset Divorce Lawyer Today

If you or your spouse has filed for divorce in Bloomfield Hills and you share a large amount of assets, it is important that you hire a high-asset divorce lawyer right away. There can be much at stake in these cases, and failing to hire a lawyer is one of the biggest mistakes you can make.

From Washtenaw County to Beverly Hills to Rochester Hills, at Nichols, Sacks, Slank, Sendelbach, Buiteweg & Solomon, P.C., we protect your interests. Contact our offices today to schedule a consultation.