Edina, MN High Asset Divorce Attorney
Getting a divorce is one of the most expensive transactions you will ever make. So do your research. A high asset divorce demands a smart legal strategy and specialized knowledge. When you’re facing a high asset divorce, you should have an experienced attorney on your side.
High asset divorce attorney Willow Anderson is a skilled advocate for her clients. Willow and her team represent private wealth clients in multimillion dollar settlements, resulting in significant savings, which often benefit both sides. She will help you navigate complicated financial issues such as property division and spousal maintenance in addition to other asset-related determinations such as:
- Valuing Businesses and Properties for Division
- Analyzing Executive Compensation, Company-Sponsored Plans, and IRA’s
- Researching Restricted and Unrestricted Stock Awards
- Determining Gross Income for Possible Support
- Identifying and Understanding Income Sources from Trust Income, Gift Income, Rental Income
- Tracking Commissions or Bonuses
- Preserving Non Marital Interests
- Valuing Retirement Benefits and Leveraging Distributions
- Drafting Qualified Domestic Relations Orders (QDRO’s)
- Considering Family Law Tax Consequences
- Tracing the Dissipation of Marital Assets
Considerations for Business Owners
Willow has worked with many entrepreneurs and business owners so she understands the challenges these types of professionals may face during a divorce. If you own your own company or practice, you are likely concerned about how the divorce will affect your business and financial planning. An experienced attorney such as Willow Anderson, who has a background in business litigation, knows how to minimize the impact of your divorce by obtaining a valuation of your company while keeping its sensitive information as private as possible.
Business Valuations for Edina Divorces
If your business is considered a marital asset (as most are), the right kind of appraisal of your company is necessary to ensure the fair distribution of your marital assets. There are different approaches to valuations such as the asset (cost) approach, the market approach, and various income approaches which may focus on the cash flow, risk, growth expectations, or capitalized income method, to name a few. Martial versus non-marital goodwill put into the business may be a consideration. You or your spouse may have different ideas of the value of the company, which could negatively affect you when it comes time to negotiate. Willow Anderson works with reputable third parties to accurately appraise your business prior to divorce negotiations.
Considerations for Business Executives and Professionals
Minnesota has long held a high per-capita of Fortune 500 companies’ corporate headquarters. Calling Minnesota home are companies such as United Health Group, Target, Best Buy, 3M, U.S. Bancorp, General Mills, Ecolab, Land O’ Lakes, Ameriprise, Xcel Energy, Hormel Foods, Thrivent Financial, Polaris, and Securian Financial Group. Willow is familiar with the short and long term compensation packages offered by these Fortune 500 companies because many of her clients have worked for, or been married to an employee of, a Minnesota Fortune 500 Company.
Stock Options and Compensation Packages
It used to be that the homestead represented the most substantial portion of the marital estate. If you are an executive, however, it is likely that retirement accounts and stock options are your most significant asset. Stock options are taking their place as the largest asset in many marital estates. No longer are stock options limited to senior executive compensation packages. Today, many mid-level employees also participate in corporate stock plans which may include incentive stock options (ISOs) and non-qualified stock options (NQSOs). The award of the option is not a taxable event. However, the exercising of the option may be a taxable event. Your divorce attorney needs to understand whether your stock options are vested or unvested. If there are unvested options, then you will need them valued for family law purposes. Willow Anderson Law is well-versed with this issue and can give you answers.
Division of Personal Assets
In addition to your business assets, you may have real estate, stocks, bonds, retirement accounts, collectibles, and other assets that you wish to ensure are appropriately disbursed between you and your ex-spouse. This is often one of the primary concerns of clients going through a high asset divorce, especially if they had substantial assets prior to the marriage but did not have a prenuptial agreement.
Premarital assets may be safe during your split, but your attorney needs to know how to prove your spouse doesn’t have a claim to them. High asset divorces can become high conflict, with both spouses fighting to keep the assets they believe they deserve, but they don’t have to be. When there is enough money to go around, the fight isn’t for survival, it’s for the perception of fairness and for recognition of contributions during the marriage. Willow Anderson is a skilled negotiator that works to find win-win solutions. She will help you retain the assets to which you’re entitled. There are many options for resolution, not to mention the possibility of litigation if you are unable to (or don’t want to) reach an agreement out of court. Willow will educate you about the possibilities so you can make informed decisions that allow you to support your priorities.
Spousal Maintenance Payments During High Asset Divorce
Spousal maintenance is a possibility in any divorce, but it’s almost a guarantee the question will arise during your high asset divorce. This is because of the potential for a large income disparity between spouses: if one spouse is an anesthesiologist and the other is a stay at home parent, the latter will likely request spousal maintenance payments to cover regular expenses as he or she reenters the workforce. On the other hand if the assets in the divorce are great enough, it may be that neither party needs spousal support for their day-to-day living expenses.
Spousal maintenance is always negotiable. There are many ways to make a divorce equitable, and monthly support payments are only one of several options. Willow Anderson has negotiated spousal support payments in many high asset divorces, and in some cases, she is able to completely take support payments off the table.
Privacy During Your Divorce
Privacy is also very important for professionals, executives, and business owners who are getting a divorce. If you’re a partner in a company, for example, the other partners will want to know certain things are protected. Of course, they don’t want their stake in the company to be affected by your spouse obtaining partial ownership. It’s also important to ensure the company’s confidential information is protected instead of becoming public knowledge. Willow will work to protect your reputation and company’s information through non-disclosure agreements and any other viable courses of action.
Do you need an attorney to help you through your high asset divorce? Willow Anderson has helped many clients in Minnesota ensure their divorce agreement is fair and financially responsible. Contact Willow to schedule your initial consultation.