For couples experiencing the end of a marriage or relationship, it can be an extremely difficult and emotional time. Therefore, it offers great peace of mind to know that you have a skilled team of legal experts working hard to help you navigate the process and secure the best possible results, especially if you or your spouse have a significant amount of assets.
The situation can be complex with the need to protect substantial assets, finances, properties, and international interests, besides children, maintenance, and custody. A high net worth divorce attorney in Auburn, AL, can guide you through various aspects, including:
- Spousal and child support, including matters such as school fees and lifestyle choices
- Business assets
- Personal assets
- On and offshore assets
- Freezing injunctions where there are concerns that assets may be placed beyond the court’s reach
Divorce and Asset Division in Auburn, AL
An experienced Auburn, AL divorce lawyer will offer you the right guidance on the possible legal consequences of hidden assets in a divorce case. In the divorce process, spouses in Alabama are duty-bound towards each other to make full disclosure of all assets. Without full disclosure of assets, “equitable distribution” of marital assets and liabilities would not be possible in a divorce.
In the area of discovery and disclosure, there exists a fiduciary duty on the part of each spouse making them legally responsible for reporting all assets, such as real estate, cash, business assets, jewelry, investments, stock options, retirement funds, offshore accounts, or any other valuable assets such as art or antique collection.
Protecting your Rightful Assets during Property Division in an Auburn, AL Divorce
Working with a seasoned family law attorney who has extensive experience in high net worth divorce cases can help ensure that your rightful assets are completely protected during the property division process. For example, if you started a business before the marriage, the intellectual property, goodwill, and other business assets will be divided considering your contribution to the business prior to marriage.
Also, if you have stock options from your employer as a performance reward for work undertaken before the marriage, your attorney will make sure that this fact is taken into consideration during the asset division. The same rule is applicable to other marital assets, such as the family home and other real estate.
Legal Repercussions of Hidden Assets in Divorce in Auburn, AL
A skilled divorce lawyer will advise you about the possible repercussions of hiding assets in a divorce case in Auburn. Doing so could lead to serious consequences, including criminal charges. The act of intentional financial misrepresentation in a divorce petition is considered the same as lying to the court.
Suppose hidden assets are revealed after the divorce process is complete. In that case, the other party still reserves the right to file a motion to vacate the previous judgment or even levy charges of contempt of court.
Don’t Ignore Tax Implications
You will need to adopt a more hands-on approach to taxes now if your spouse used to manage the taxes and you never really focused on that facet of your marriage. The tax implications in a high net-worth divorce case can be significant. For instance, regarding alimony payments, the alimony paid by one spouse is no longer deductible from their gross income and it is no longer taxable for the receiving spouse.
There may be tax consequences associated with child support payments as well. These payments are also a part of the taxable income of the paying spouse but are tax-free for the spouse receiving the payment. An experienced lawyer can connect you to leading accountants in Auburn if you are unsure about how to handle the taxes or sale of your properties.
Child Support Calculation in Auburn, AL May be Different
Under Alabama law, there are guidelines on the calculation of child support. This determination is made by taking into account the combined net income of the couple and the number of children requiring support. If the couple’s income is higher than the maximum income amount, then the court may decide to calculate child support on a case-by-case basis. They will assess the amount of support necessary to meet the needs of the children after the divorce.
Spousal Maintenance Calculation May Also be Different
State guidelines exist for handling spousal maintenance, or alimony, during a divorce. Every divorce does not involve spousal maintenance. However, a judge can establish whether or not spousal maintenance is required. In general, spousal support is awarded in a divorce, where there is a substantial difference between spouses’ incomes. If one partner’s income is very high, the court can deviate from the guidelines and determine a spousal maintenance award that they deem appropriate.
Free, Private Consultation with an Experienced Divorce Attorney in Auburn, AL
At the Alsobrook Law Group, we fight tirelessly to protect our clients’ best interests and accomplish the most favorable outcomes possible. For assistance with divorces or other family law matters in Auburn, contact us today at (334) 737-3718 for a free, no-obligation consultation.