Farmington Hills High Net Worth Divorce Lawyer
Michigan attorney protects clients’ financial interests when a marriage ends
Any type of divorce can be difficult, but couples with extensive financial holdings often face additional challenges. At Rosenbaum, Bloom, Meyerson & Galinsky, P.C., Louis Galinsky is a Farmington Hills high net worth divorce lawyer who possesses the sophisticated legal understanding necessary to value and divide large estates and substantial assets. He has more than 40 years of experience representing Michigan couples with significant wealth, identifying innovative solutions for property division, alimony and child support issues while aggressively protecting clients’ interests.
What is a high net worth divorce?
Though there’s no official definition of a high net worth divorce, the term is sometimes used to describe breakups between spouses whose marital estate is worth at least $1 million. Whatever the particular value at stake in your case might be, you should have an experienced Michigan divorce attorney by your side if you and your spouse are dividing substantial or complex assets, such as investment accounts, real estate holdings and business ownership. Attorney Louis Galinsky has successfully handled sophisticated Michigan divorces for decades and provides exceptional insight and advocacy in these cases.
What makes a high net worth divorce different?
Though the same the laws apply to everyone, there are numerous special considerations that affect various aspects of a high asset divorce, such as the increased likelihood of hidden assets and the additional elements required to replicate a spouse or child’s existing lifestyle in an alimony or child support order. With more substantial assets at stake, there are additional opportunities for disputes over valuation and ownership.
Spousal support/alimony for high asset couples
Families of means become accustomed to a certain lifestyle, but a divorce can put a stay-at-home spouse into a desperate financial situation. We pursue fair spousal support terms in high asset divorces so that clients can start the next phase of their lives on a sound foundation.
A husband or wife who has full or partial ownership of a business might see their stake reduced or taken away if their marriage ends. These situations can be especially complicated if a spouse who was not technically owner of the company provided support through their labor, investment of marital funds or in some other way. You can rely on us to press for a resolution that appropriately allocates business assets and minimizes disruption to the business.
Complex property division
While many divorces include questions about who will get the house or the car, property division among wealthy spouse can be highly complex. We advocate for Michigan clients in matters involving all types of marital assets, such as:
- Investment portfolios
- Stock options
- Valuable art, antiques and vehicles
- Vacation homes and investment real estate properties
- Annual and advance earnings
- Retirement accounts, including 401(k)s and IRAs
- Offshore accounts
- Trust funds
We also help our clients understand any tax consequences that could arise because of the division, offering solutions and strategies for minimizing tax exposure.
Child custody matters in high net worth divorce
Successful individuals frequently have busy schedules, which might affect them negatively in child custody proceedings. Whatever your particular situation entails, our firm will develop a parenting plan proposal that is tailored to your circumstances and is in the best interests of your son or daughter.
Child support orders
Michigan uses a formula to set a guideline child support amount, but there are many reasons why this calculation might not be appropriate in a high net worth divorce. One or both parents might collect substantial income from gifts or inheritances that otherwise would not qualify as income. Youths in these families are often accustomed to vacations, summer camps, private schools and other opportunities out of the reach of most people, so the parties and the judge in these cases might include funding for these items in the child support order.
Common mistakes made in high net worth divorces
Divorces involving substantial assets can put a lot of pressure on spouses, sometimes leading to serious mistakes. Attorney Louis Galinsky provides insight to high net worth clients that helps them avoid costly errors. We work with forensic accountants and appraisers to provide the most accurate valuations and ensure that assets are not concealed. Even when emotions are running high, Louis Galinsky does not waste effort or expense on frivolous disputes, but seeks to negotiate a favorable settlement if at all possible. Should reasonable compromise be impossible, we aggressively protect our clients’ interests in court.
Privacy and confidentiality in high net worth divorces
High net worth divorces tend to attract attention, as substantial wealth often goes hand in hand with professional success and prominence within one’s local community. We understand how difficult and sensitive personal and financial matters can be, so our firm strives to resolve issues outside of court whenever possible. This not only shields disputes from public proceedings but also gives both parties the opportunity to avoid litigation expenses. When warranted, particularly when damaging personal information or property business matters are at issue, our attorney can seek to execute an order prohibiting parties from sharing information with anyone besides their counsel.
Farmington Hills divorce lawyer implements effective asset valuation and division strategies
People who want to safeguard their wealth in a divorce have several options, including the establishment of a prenuptial or postnuptial agreement. If no marital agreement is in place and your marriage is ending, we can conduct a detailed review as to what assets of yours should be classified as separate property that is not subject to distribution between the parties upon divorce. Our firm challenges suspect asset valuations and examines the facts behind each high net worth divorce to create effective wealth preservation strategies for Michigan residents.
Speak with an accomplished Michigan attorney about your high net worth divorce
Rosenbaum, Bloom, Meyerson & Galinsky, P.C. advocates for high net worth spouses in divorce proceedings across Wayne, Macomb and Oakland Counties. Please call 248-200-2240 or contact us online to set up a free initial consultation at our Farmington Hills office.