When is the best time to hire an attorney in a high asset divorce case?
Minneapolis attorney Scott Benson of Briol & Associates discusses how having an attorney immediately is beneficial for high net worth individuals going through a divorce.
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Well, I think the best time is as soon as possible, particularly in a high asset divorce case, because it’s important to be able to gather as much information as possible about the assets that are going to be the subject matter of the divorce – so, for example, just being able to compile what are the marital assets, what are the non-marital assets. One of the big areas in these cases is marital tracing and are you going to be able to show whether or not the particular asset involved is marital or non-marital.
Where there’s a company involved and the husband and wife have shares in that company together, it’s important to know who started the company, when did it start. Did it start during the marriage? Or, if it started before the marriage, was the value of the company increased due to the marital efforts of one of the spouses or both of the spouses? So the sooner you can get started on making those determinations, the better. Of course, in high asset divorce cases, there often are just more assets, and so being able to characterize those assets and determine the value of those assets is important, and starting that process as early as possible is good.