Louisville High-Asset Divorce Lawyer

High-Asset Divorce Attorney in Louisville, KY

Suffering the breakdown of a marriage is one of the most difficult things a person can experience in their lifetime. However, for some couples, divorce is the only option, and you are not alone. Whether you and your spouse own a particularly large amount of assets in LaGrange or run a successful business in NuLu, you need to hire a Louisville high-asset divorce lawyer who can protect your share of the property and ensure your rights are protected.

At Straw-Boone Doheny Banks Mudd Catalano & McKinney, PLLC, our seasoned team of trial attorneys put their accumulated knowledge and sophisticated family law experience to work for clients.

We focus on complex cases such as high-asset divorce. We understand the intricate nature of these cases, where complex property division and child custody disputes can be extra challenging.

As dedicated advocates and trusted advisers, we prioritize our clients’ long-term interests, offering empathetic guidance along with our elite level of legal knowledge.

Work With the Team at Straw-Boone Doheny Banks Mudd Catalano & McKinney, PLLC

For over three decades, the team at Straw-Boone Doheny Banks Mudd Catalano & McKinney, PLLC, has been helping countless individuals through the difficult process of divorce. We offer our services to clients across Kentucky and Southern Indiana and are now ready to turn our time and attention to you. We have extensive experience handling these cases in Jefferson County and across the state and can put that experience to use for you.

Our team is made up of attorneys and support staff with years of training, experience, and a powerful combination of compassion and integrity. Members of our firm have received countless awards and accolades for their client advocacy, including being named Kentucky Super Lawyers Rising Stars, selected to Kentucky Super Lawyers, listed in The Best Lawyers in America, Family Law, and receiving the “Raising the Bar” Award from the Kentucky AAML.

Understanding a High-Asset Divorce in Louisville

Kentucky sees a yearly divorce rate of 2.9 cases for every 1,000 residents. Historically, Kentucky reported a divorce rate that was higher than the national average; however, recently, the Wall Street Journal noted from 2016 to 2023, our state’s rate of divorce plunged by about twenty-five percent.

These cases can be considered high-asset divorces if the couple has a significant amount of assets or property. In Louisville, these high-worth assets typically include:

• Business Ownership
• Highly valued investment accounts
• Professional practices owned or licenses held, such as a legal or medical practice
• Rare collector’s items such as art, wine, cars, or jewelry
• Retirement accounts, including annuities or pensions
• Any owned trademarks, copyrights, or patents
• Real estate, such as vacation homes, timeshare properties, rental properties, or commercial properties
• Large bank accounts
• Deferred compensation, stock options, performance units/RSUs

These days, many divorce cases involve at least one spouse who either holds a valuable business interest, has multiple real-estate holdings, or has a significant investment portfolio. According to one study, in 2023, 77% of married couples who held any kind of financial institution account, such as a checking, savings, certificate of deposit, or money market account, held at least one of these accounts jointly with their spouse.

In Kentucky, generally, assets acquired during the marriage will be subject to property division under Kentucky’s law of equitable distribution. While this division is not always a perfect, 50/50 split, the courts will work for the division to be as equal and fair as possible. When high-value assets come into play, you need an attorney who understands the special considerations that may affect these assets.

Distinguishing High-Asset Divorce From More Straightforward Cases

High-asset divorce differs significantly from standard divorce proceedings due to the intricacies involved in dividing substantial financial assets.

In these cases, thorough valuation of assets and equitable distribution become paramount, often requiring specialized expertise to ensure fair outcomes for both parties.

Types Of Assets Divided In High-Asset Divorce

In high-asset divorce cases, consequential assets that may be subject to division, include:

• Real estate, including the marital home, one or more vacation homes, investment properties and commercial properties
• Vehicles, including everyday modes of transportation as well as collector cars and work-related trucks
• Valuables such as jewelry, tools, antiques, art and other types of collectibles
• Bank accounts, cryptocurrency accounts and other financial accounts
• Stocks and bonds
• Businesses and business interests
• Retirement accounts such as 401(k) and IRA accounts

Our attorneys have extensive experience navigating the complexities of asset division, ensuring that each client receives a fair and equitable share of marital property. We are especially keen on ensuring that our clients have the opportunity to keep the assets that mean the most to them.

Unique Considerations Involved in a High-Asset Divorce Case

No two divorce cases are the same, especially those involving a significant number of assets. However, there are some common considerations that need to be reviewed when litigating a high-asset divorce case in Louisville. These considerations include:

• Privacy or confidentiality concerns. Couples who own a number of highly valued assets are typically more hesitant to disclose their financial portfolio to a public courtroom. An experienced attorney from Straw-Boone Doheny Banks Mudd Catalano & McKinney, PLLC, can help make sure all financial records of you or your spouse are kept confidential to ensure privacy during your case.
• The need for outside help. For certain assets, you may need to bring in outside help when trying to assign monetary value to items. This can be especially true if you and your spouse own certain unique collection items, cryptocurrency, or a business together. Certain outside parties who are typically brought in to help with this step can include forensic accountants, tax specialists, and appraisers.
• Complicated property valuations. While in most divorce cases, assets are more easily assigned monetary values, such as in the case of bank accounts and family homes, other situations may be more challenging, as the assets involved hold somewhat subjective values. These circumstances can include rare item collections, such as car collections or artwork, that may hold varying values depending on who appraises them.
• Complicated property valuations. While in most divorce cases, assets are more easily assigned monetary values, such as in the case of bank accounts and family homes, other situations may be more challenging, as the assets involved hold somewhat subjective values. These circumstances can include rare item collections, such as car collections or artwork, that may hold varying values depending on who appraises them.

Complicated property valuations. While in most divorce cases, assets are more easily assigned monetary values, such as in the case of bank accounts and family homes, other situations may be more challenging, as the assets involved hold somewhat subjective values. These circumstances can include rare item collections, such as car collections or artwork, that may hold varying values depending on who appraises them.

The last thing you need or deserve is to be blindsided by something after your divorce is finalized, like your personal information being leaked or unexpected tax complications coming your way. The attorneys at our law office are here to ensure that not only are your assets protected, but so is the stability of your future.

Navigating Contested Child Custody

In high-asset divorces involving children, the stakes are even higher. Determining custody arrangements requires careful consideration of the children’s best interests while also addressing the financial implications for their upbringing. Private school admission, sports team involvement and extended family involvement can all make these cases highly consequential for a young person’s upbringing.

Our attorneys approach these cases with compassion and dedication, striving to achieve resolutions that prioritize the well-being of the children involved while also honoring our clients’ perspectives.

High-Asset Divorce Vs. Separation

Unlike separation, divorce permanently dissolves the marital bond, allowing individuals to move forward with their lives independently.

For religious or health insurance reasons or for the sake of potential reconciliation, a legal separation may offer a temporary solution for couples experiencing marital discord. However, a high-asset divorce provides a more conclusive legal and financial framework for dividing assets and establishing family-friendly custody arrangements.

Premarital Agreements And Asset Protection

Premarital or prenuptial agreements (prenups) may play a crucial role in high-asset divorce cases. When couples have defined asset distribution and financial responsibilities before entering into marriage, a prenup can result in significant savings in terms of cost and conflict.

When applicable, our family law attorneys review prenups as soon as possible in the divorce process to determine whether there are grounds to contest them.

Our Commitment To You When Your Marital Property Is High-End

At Straw-Boone Doheny Banks Mudd Catalano & McKinney, PLLC, we understand the challenges that accompany high-asset divorce cases.

With our unwavering dedication and compassionate approach, we will stand by your side through all phases of your divorce, tailoring our legal guidance to your unique needs.

High-Asset Divorce: Frequently Asked Questions

A high-asset divorce can be more complex, as we know well here at Straw-Boone Doheny Banks Mudd Catalano & McKinney, PLLC. Our team’s combined experience can help guide you through the process and provide the legal answers you need. To start, here are five of the most frequently asked questions.

What is considered a high-asset divorce?

There is no official definition, as this term just differentiates between cases with a more typical asset level and those with complex assets – investments, overseas accounts, real estate, business ownership, etc. Often, the unofficial line is $1 million. Couples with assets in excess of $1 million are going through a high-asset divorce.

How are assets valued and divided in a high-asset divorce?

It depends on the asset. Marital assets that are acquired during a marriage have to go through property division. Separate assets – some direct gifts, along with assets from prior to the marriage – do not need to be divided. Kentucky does use equitable division laws, so the division of property will not necessarily be even.

How do you handle contested child custody in high-asset divorces?

When parents cannot agree on a child custody arrangement, the court can make a ruling for them. The court can split both physical custody (where the child lives) and legal custody (who can make decisions for the child). Generally, the courts try to focus on the child’s best interests by considering age, parental roles, living situations, income levels, extended families, school or peer groups, the child’s wishes, and much more.

How do retirement accounts get divided in a high-asset divorce?

Employer-sponsored retirement accounts or pension plans can be divided using a qualified domestic relations order (QDRO). Generally, the court looks at the length of your marriage and when the spouse who is the account holder earned those benefits, dividing the portion earned during the marriage. Personal retirement accounts and investments can be divided like other financial assets.

What role do prenuptial agreements play in high-asset divorces?

Many high-asset divorce cases involved prenups. People sometimes use these to protect their personal wealth and assets when they get married. They may also use them to insulate a business from divorce. When a prenup is involved, the agreement that was previously made has to be adhered to unless the court rules otherwise.

Hire a High-Asset Divorce Lawyer Today

At Straw-Boone Doheny Banks Mudd Catalano & McKinney, PLLC, we understand that no divorce is simple or easy, no matter how amicable you and your spouse try to remain during the process. High-asset divorces do not just come with large amounts of wealth; they are also accompanied by tax concerns, privacy concerns, and a whole litany of nuanced issues.

Contact our family law offices today to schedule your initial consultation and hire a high-asset divorce lawyer. We are here to help you with the divorce process.