Kansas City High Net Worth Divorce Lawyer
What is high net worth divorce?
Statistics show that 9 out of 10 people will get married in their lifetime but unfortunately, about half of these marriages will end in divorce. The divorce process is never easy and it can be a stressful and emotionally heightened experience. Beyond the issues of child custody or visitation, there are also a lot of financial issues that need to be resolved in a divorce. The smallest things can now lead to a family dispute such as who will take ownership of the family home or how will the property and assets be divided? If you have a large amount of financial assets and are considered to have a high net worth, then filing for divorce can put a lot at stake. Divorce amplifies fiscal issues including your 401(k) account, pensions, real estate, investments, stock options and other bank accounts. If you and your former spouse were business owners, either working together or separate, the business may need to be split. Need an attorney for a high net worth divorce case in Kansas City, MO? Before you enter into a divorce with all of your assets on the line, be sure to obtain an experienced Kansas City divorce lawyer from our firm to protect your rights throughout the process.
How to Protect Your Assets During a Divorce
When dividing up property during a divorce, the court will have to determine what is owned jointly and what assets each spouse owns individually. Splitting the property can be a difficult task and separating the individual property from the community property is especially challenging when the parties have a high net worth and large number of assets. There are certain steps however, that you can take to better protect your assets during the divorce. The first step is to gather all your financial records and calculate the value of all your marital assets and debts. If you have the deed to the house or the car, it is vital that you keep them in a safe place. After taking inventory of your assets, write down a list of any items that you believe may be missing or that your spouse may have taken.
Your spouse will be required to do the same with their assets but you never know if they may lie in order to withhold certain items. That is why forensic accounting is sometimes necessary in order to get a true sense of the assets that your spouse has under their name. Our qualified divorce attorneys have connections with some of the best forensic accounting experts and we could be able to help you dig and find out what assets your spouse may be hiding. By hiring a CPA or forensic accountant, you can better determine the accuracy of your spouse's financial data and get a correct analysis of their disposable income, standard of living and any hidden assets that they may have. In many divorce cases, the marital assets are not really hidden it is just a matter of knowing where to look.
While preparing for the divorce, it is also critical that you cancel any joint credit cards or bank accounts- you can request a credit report which can show you all of the accounts that you have open. Now is the time to close your joint accounts and to open an individual checking and savings. It is also wise to change your will and eliminate any powers of attorney you may have signed that gives your spouse access to assets under your name or that gives them the right to handle legal and financial issues on your behalf. If you are afraid that your spouse may try to take marital assets from the home, you may want to talk to your lawyer about obtaining a restraining order. Remember that it is illegal to hide or withhold assets when going through a divorce, failure to do so could result in the court giving all assets to the other party. If you feel your spouse is failing to disclose all information, we can help you search and find those missing assets through careful investigation.
Serving clients throughout Missouri and Kansas.
High Net Worth Divorce Attorney Serving Kansas City, MO
In contested divorce cases, the property division phase can become extremely messy and the parties tend to fight over every dime. In such a clear area of conflict, it is essential that you have an assertive legal advocate to protect your best interest in court. Here at The Reynolds Law Firm, LLC we believe that you deserve the very best, which is why we strive to give our full attention to your case and keep in constant communication. Our attorneys have more than two decades of cumulative legal experience and we have a history of success and case victories. We understand how contentious property division in divorce can be and we will do everything in our power to help you obtain a favorable outcome in your case.
Looking for an attorney for high net worth divorce in Kansas City? Our legal team takes a "hands on" approach to every case and we provide you with personalized representation that is tailor-made to meet your specific needs. We have extensive knowledge of family law and we have helped countless clients in successfully protecting their assets during the divorce process. Our firm handles a multitude of divorce and family law matters including child custody, spousal support, visitation, paternity and legal separation. We proudly offer an inexpensive initial consultation to all prospective clients, so call today!
Contact a Kansas City high net worth divorce attorney from our firm for help protecting your assets in your divorce case.