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High Wealth Divorces Marital Estates

The divorce process is complicated. When a couple has a high net worth with valuable assets, the process becomes even more complicated. If you plan to file for a divorce that will require the legal division or property, it is crucial that you have an attorney to guide you through the process.

There is too much room for error to go about a high wealth divorce on your own. Even the most esteemed lawyers opt to go through the process with the guidance of an attorney.

Chester County, PA High Wealth Divorce Marital Estates Attorney

If your divorce is going to require the division of high wealth assets, you have come to the right place. Lee Ciccarelli has over two decades of experience representing clients in a divorce. He will ensure that you are treated fairly and that you receive what you are entitled to.

Do not take the chance of representing yourself in court. The risk of doing so outweighs the cost of hiring an attorney.

Call (610) 692-8700 or send an online message for a free consultation so we can act as soon as possible. We are based in West Chester PA and serve clients throughout Chester County, Lancaster County and suburban Philadelphia including West Chester, Kennett Square, Oxford, Avondale, Landenberg, West Grove, Paoli, Malvern, Downingtown, Coatesville, Exton, Parkesburg, Berwyn and Devon.  We have convenient meeting locations in Lancaster, Philadelphia, Plymouth Meeting, Kennett Square, Malvern, Springfield, King of Prussia, and Radnor. Our family lawyers serve those with immediate legal needs in Chester County, Montgomery County, Delaware County and Lancaster County.

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Division of High-Value Assets

Dividing marital property in a high wealth divorce is what makes the process more complicated. This is done through equitable distribution. Equitable distribution does not mean the property will be divided equally among the spouses; instead, property will be divided in a manner that is considered fair by the court.

There are many factors the court will consider when determining if the division of marital property is fair. These factors are listed under section 3502 of the Pennsylvania Statutes, and they include:

    • The length of the marriage
    • Any prior marriages
    • The age and health of each party
    • The amount and source of income of each party
    • Each parties employability and vocational skills
    • The contribution of one party to the education or increased earning power of the other
    • The standard of living established during the marriage
    • Economic circumstances of both parties at the time of the division

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What Property can be Divided?

The only property that is subject to division during a divorce is marital property. Marital property, according to section 3501 of the PS, is all property acquired by both parties during the marriage. Any non-marital property that saw an increase in value during the marriage will also be categorized as marital property.

When determining the increase in the value of non-marital property, the court will measure the value of the asset from the date of the marriage or when the property was acquired to either the date of the final separation or the date of the equitable distribution hearing.

Some of the most common assets that see an increase in value include stocks and bonds, real estate and private businesses.

There is property that is not required to be divided during a divorce. This is called non-marital property, and it includes:

    • Property acquired before the marriage
    • Property that is excluded by a valid agreement between the parties
    • Gifts, except those between spouses
    • Property acquired after final separation
    • Property that was sold or disposed of in good faith

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The Cost of Hiding Assets

It’s common for one spouse to hide certain assets during a divorce. This is usually done because one spouse feels they are getting an unfair share in the property settlement. Concealing assets is not only immoral but also illegal.

Some of the most common methods for hiding assets include asking a friend to hold on to them, making cash withdrawals, transferring the assets to a new account, offshore bank accounts or overpaying taxes.

If you or your spouse are caught hiding assets, you could be held in contempt, be required to pay all court costs or have the assets seized.

If you suspect your spouse is hiding assets, you should contact an attorney as soon as possible. It may also be beneficial to contact an accountant or private investigator to determine where the assets are being hidden.

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Spousal Support in High Wealth Divorce

Spousal support is another aspect that makes a high wealth divorce more complicated. Spouses are obligated to pay spousal support under chapter 37 of the Pennsylvania Statute. Spousal support can be paid while a couple is separated, during the divorce process and once the divorce is finalized.

Alimony is typically paid so each spouse can continue to have the lifestyle they had grown accustomed to during the marriage. When a court is deciding whether or not spousal support is necessary, they will consider a number of factors. Some of these factors include:

  • The earnings and earning abilities of each party
  • The age, physical, mental and emotional conditions of both parties
  • The source of income of both parties
  • The length of the marriage
  • The contribution of a spouse as a homemaker
  • The needs of both parties
  • The standard of living established during the marriage
  • The property brought into the marriage

The court will determine how long spousal support should be paid. They may order the payments to be for a definite or indefinite period; whichever is reasonable under the circumstances of your divorce.

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Additional Resources for High Wealth Divorces Marital Estates

Equitable Division | Pennsylvania Statutes– Follow this link to read the full text of the statute that governs equitable distribution in the state. You can read the full list of factors the court considers, how the family home is divided and powers of the court. The statute can be read on the Pennsylvania General Assembly website.

Alimony | Pennsylvania Statutes– Visit the Pennsylvania General Assembly website to learn more about alimony. You can view the full list of facts the court considers when determining payments, how to modify or terminate payments and how payments are enforced.

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High Wealth Divorce Lawyer in Chester County, PA

If you are going through a high wealth divorce, you will need an attorney from Ciccarelli Law Offices on your side. We will strive to make sure you receive what you are entailed to. Do not go through the process alone. Contact Ciccarelli Law Offices today.

To schedule a consultation, call (610) 692-8700 or submit your information in the online contact form. We represent clients going through a high wealth divorce in counties such as Chester County, Lancaster County, Delaware County, Philadelphia County and Montgomery County.

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