High-asset divorces require an attorney who knows what they’re doing because there can be tax implications, privately held corporations, and trusts, and those all have to be handled differently in a divorce case. In a divorce case, valuing a privately held business is incredibly important because oftentimes one person is going to keep that family business and the other person needs to be bought out of it, but you want them to be bought out at a fair number. It’s vitally important in a divorce case for the attorney to understand taxes and the tax implication of dividing up things like retirement accounts versus real estate versus stocks that are held in the stock market.
I represented a man whose family had substantial assets and it was his separate property, but his wife was just bound and determined that she was going to get some of that separate property through the divorce case. We were able to file a motion for summary judgment and have the judge rule that she wasn’t entitled to any of that money whatsoever. Once we were able to get that ruling, then we were able to resolve that case.
Since we handle fewer cases at The Claiborne Firm, it gives us the time and the resources to be able to pay close attention and come up with the best and creative solutions to resolving those cases.