Royal Oak High Asset Divorce Lawyer

Skilled High Asset Divorce Attorney in Royal Oak, MI

While every divorce involves unique challenges, couples with a large marital estate tend to have a more complex divorce process compared to those with smaller estates. A high asset divorce case generally involves a bout $1 million or more in marital assets, and can also include more complex property. A Royal Oak high asset divorce lawyer can evaluate your unique case and guide you through the process of achieving a fair divorce.

Work With a Skilled Royal Oak Divorce Lawyer

With over 25 years of experience, the attorneys at Nichols, Sacks, Slank, Sendelbach, Buiteweg & Solomon, PC, are prepared to handle complex divorce cases, such as those involving significant assets. We are a detail-oriented team that helps couples create customized property division plans that are tailored to their assets, financial concerns, and goals.

How Assets Are Divided in a Michigan Divorce?

Michigan is an equitable distribution state. That means your division doesn’t have to be exactly 50/50. Most of the time, you will start with an equal division of property. However, there are several factors that can affect how those lines are drawn:

• How long you were married,
• Contributions of the parties to the marital estate (including as a homemaker or stay-at-home parent),
• The parties’ ages,
• Both parties’ health
• Life status of the parties,
• Necessities and circumstances of the parties,
• Each party’s ability to work and earn money
• Past relations and conduct of the parties, and
• General principles of equity.

Fair property division is one of the most difficult aspects of a high asset divorce case. Even small inequities can involve huge dollar amounts, making it important to carefully evaluate the marital estate and understand what both spouses are entitled to.

Complex Factors in a High Asset Divorce

High asset divorces do involve the same procedures and rules as other divorce cases. However, this does not mean that high asset divorces are not more complex. Some factors that commonly complicate a high asset divorce case include:

• Real estate. Many high-net-worth couples own high-value real estate, such as their primary home, vacation home, rental property, or commercial property. This can be a significant asset, with the average home being valued at $340,918 in Royal Oak.
• Business assets. Business assets are tricky to divide because they are difficult to accurately value, often are tied to one or both spouses’ employment, and need a secure division plan in order to preserve the value of the business. If you hire a high asset divorce lawyer, they can help you explore various options for dividing these assets, such as a buyout, offsetting the value of a business with other assets, or selling the business.
• Investments and savings. High-net-worth couples in Royal Oak often have significant investment portfolios or savings accounts, such as stocks, bonds, retirement savings, and other savings accounts. Dividing these assets must be done carefully to protect the value of the investment and the financial future of both spouses. For example, 56% of married Americans believe that a divorce would disrupt their retirement strategy.
• Spousal support. Spousal support decisions are made on a case-by-case basis in Michigan. However, high-asset divorce cases the goal is to balance both spouses’ need for support and ability to pay in a way that is fair and equitable. To reach that goal, the Court will weigh several factors:
• Parties’ past relations and conduct;
• Length of the marriage;
• Parties’ ability to work;
• Source and amount of property awarded to the parties;
• Parties’ ages;
• Ability to pay spousal support;
• Parties’ present situation;
• Parties’ needs;
• Parties’ health;
• Prior standard of living of the parties and whether the parties support others;
• Parties’ contributions to the joint estate;
• A party’s fault in causing the divorce (keep in mind that this factor typically isn’t given much weight);
• How cohabitation affects a party’s financial status; and
• General principles of equity.

When it comes time to calculate the spousal support award, there is no rigid mathematical formula, like in Michigan child support cases. Instead, the Court once again turns to fairness, equity, and the needs and abilities of the parties to pay. It is important to work with your high asset divorce and spousal support lawyer to establish a reasonable budget for life after divorce, which you can use to establish an appropriate support amount, or limit what you are ordered to pay

Why You Should Hire a High Asset Divorce Lawyer?

In 2023, there were 2,317 divorces in Oakland County, many of which involved significant assets or complex types of property. If you are going through a high asset divorce, a Royal Oak high asset divorce lawyer can provide invaluable guidance and legal support.

Some of the ways in which a lawyer can help in a high asset divorce case include:

• Identifying what assets and debts are subject to division
• Accurately valuing your assets
• Suggesting potential property division strategies
• Helping you negotiate key decisions regarding property division, spousal support, and other decisions
• Advocating for fair outcomes in court

FAQs

What Is a Spouse Entitled to in a Divorce in Michigan?

In Michigan, a spouse is entitled to an equitable split of all marital assets and debt. Marital property includes most assets that were acquired during the marriage. In Michigan, spouses are not automatically entitled to an equal share of property or a specific percentage. If you speak with a Royal Oak high asset divorce attorney, they can explain what you are entitled to based on the circumstances of your divorce and your finances.

What Assets Are Untouchable in a Divorce in Michigan?

Assets that are potentially untouchable in a divorce in Michigan are assets that are classified as separate property. This includes assets acquired before the marriage, personal gifts made to one spouse, inheritances, or assets designated as separate property in a valid prenuptial or postnuptial agreement. Distinguishing between separate and marital property can be challenging, but an experienced lawyer can provide clear guidance by analyzing your property.

What Is the Biggest Mistake During a Divorce?

The biggest mistake during a divorce is making quick decisions without considering the long-term effects. It is easy to make decisions about key topics such as property division based on your immediate financial goals, needs, and personal emotions. This can lead you to agree to something that does not protect your long-term interests, such as overlooking retirement savings or agreeing to a property division plan based on inaccurate property valuations. 

Can a High-Asset Divorce Be Settled Outside of the Court?

Yes, a high-asset divorce can be settled outside of the court through mediation, Collaborative divorce, and other hybrid options. Many couples prefer to avoid litigation because it allows them to have more flexibility in how property is to be divided, reduces the time and cost involved in the case, and keeps their personal and financial information more confidential. However, litigation may be necessary if you and your spouse are unable to agree on the major decisions involved in your divorce.

Speak With a Royal Oak High Asset Divorce Attorney

It is easy to feel overwhelmed when going through your property and trying to find a division plan with your spouse, especially when you have a large marital estate. Contact Nichols, Sacks, Slank, Sendelbach, Buiteweg & Solomon, PC, to receive guidance from a skilled Royal Oak divorce lawyer.