High Net Worth Divorces in Alberta – How Do They Work?
High net worth divorces like other divorces can be riddled with emotion and complications. If you or someone you know is contemplating a high net worth divorce – contact one of our Edmonton divorce lawyers today for legal counsel. According to a report from the Government of Canada’s Department of Justice – Alberta placed 4th amongst all provinces and territories with regards to the greatest number of divorces in the country in 1997. For more interesting divorce statistics in Alberta – read our earlier blog post here.
What is a High Net Worth Divorce in Alberta?
High net worth divorces are typically divorces where the matrimonial property has a valuation of at least 1 million dollars or more. However, in addition to matrimonial property - a high net worth divorce may also include other business and financial assets aside from the matrimonial home such as financial and real estate investments, RRSPs, RESPs, cars, cottages, businesses, professional practices, stocks, trust and estate funds and foreign held property. In almost all cases - we recommend our clients hire a lawyer if they contemplating getting a grey divorce or a high net worth divorce sooner than later because these types of divorces can get messy and complicated really quick. The earlier you seek legal counsel - the more prepared you may be in the event things get messy.
What Does A High Net Worth Divorce Look Like Step By Step?
High net worth divorces require a lot of careful planning given that there is a lot of financial planning and repercussions involved when it comes to property and asset division in these types of cases. There are a lot of factors to take into consideration when dividing up assets fairly - including child and spousal support obligations if any. If you are about to undergo a high net worth divorce here are a list of things to come prepared with when meeting your lawyers including but no limited to:
- A list of all properties owned both jointly and individually along with dates on when these properties were acquired including both domestic and foreign owned properties whether they are primary residences, investment and commercial properties or recreational properties such as cottages
- A list of all gifts and inheritances given to each party and if possible - dates on when these gifts were acquired
- A list of all mortgages, debts, credit cards, tax debt and loans prescribed to both parties or individuals
- A list of all financial investments including pensions, RRSPS, RESPs and more
- Vehicles and anything else of monetary value owned jointly or individually which may hold asset value
- Income and tax documents for the past few years
- Businesses and professional practices
- Stocks and stock options
- And prenuptial agreements, separation agreements or marriage agreements that may already be in place
- And quite possibly more
Once your lawyer has a list of all assets both combined and individually held - there may be a need to determine the value of all said asset which requires obtaining a valuation or appraisal by a third-party independent provider. In some cases a prenuptial agreement or marriage agreement may be in effect that outlines the method of distribution assets in the event of the dissolution of the marriage or relationship but it's still wise to hire a lawyer to oversee the process even when these agreements are in place. The most important thing is to keep things as amicable as possible with your significant other - without going to trial as trials can be long and arduous and take years to resolve not to mention resulting in very high legal fees.
Contact our Edmonton divorce lawyers today if you're looking for a quicker resolve to your high net-worth divorce.
Contact our Edmonton Divorce Lawyers Today For a Consultation Regarding Your High Net Worth Divorce
At Verhaeghe Law Office - our divorce lawyers have assisted numerous Albertans over the years with their high net worth divorces. We take a practical and methodical approach to ensure that our client's best interests are always a priority while simultaneously looking for expeditious resolve to all their divorce related legal issues. This way - clients are less likely to accumulate ridiculous legal fees and get the divorce they are looking for amicably and efficiently. Contact our legal team today to book your consultation.
Disclaimer: Please note the content presented within this blog is only intended to act as a general overview on a topic and does not constitute legal advice. In order to receive legal guidance as it pertains to your unique situation - please contact an Alberta divorce lawyer who is experienced in handling high-net worth divorces in Alberta.