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Birmingham High Asset Divorce

Birmingham High Asset Divorce

Any time there is the breakup of a marriage, it has the potential to impact both your current and future financial security. This is particularly true in high asset divorce cases. At Iafrate & Salassa, P.C., our Birmingham divorce attorneys provide the professional, experienced legal representation you need when your case involves significant financial accounts, business interests, and property holdings.

Professional Legal Representation from Our Skilled Legal Team

In a high asset divorce, you need an experienced divorce attorney who can fight for your rights while diligently uncovering any marital property that may be an issue in your case. At Iafrate & Salassa, P.C., our legal team has over 50 years of experience working with clients in similar situations, and can help you get the settlement you are entitled to.

Under the Michigan Revised Statutes, marital property is distributed between spouses on an equitable, rather than even, basis. If the parties are unable to reach agreements on their own, there are various factors the judge will consider in issuing an order, such as the length of the marriage, each spouse’s income and earning potential, and their contributions in accumulating of increasing the value of assets. Common types of marital property at stake in high asset divorce cases include:

  • Real estate, including the couple’s primary residence and any vacation or rental properties owned;
  • Memberships at resorts and country clubs;
  • Cars, boats, motorcycles, and recreational vehicles;
  • Home furnishings, artwork, and antiques;
  • Jewelry, furs, and other types of high-value personal belongings;
  • Financial accounts, including stocks, bonds, and other investments;
  • Shares in businesses and partnerships;
  • Trusts and inheritances.

Iafrate & Salassa, P.C.: Dedicated to Protecting Your Rights and Interests

At Iafrate & Salassa, P.C., our Birmingham divorce attorneys are dedicated to protecting the special interests of clients in high asset divorces. This often involves uncovering hidden assets and anticipating potential tax ramifications.

Under Internal Revenue Service (IRS) guidelines, divorce can have a significant impact on future tax returns. This is particularly true in high asset cases. Tax issues that can be mitigated in settlement negotiations include:

  • Credits and deductions for alimony payments;
  • Tax implications when selling property;
  • Gift taxes as the result of high asset settlements;
  • Rights to Individual Retirement Accounts (IRAs);
  • Joint liability for past tax debts.

When dealing with a high asset divorce case, you need a legal professional with knowledge and expertise you can trust. Call or contact Iafrate & Salassa, P.C. online today and request a free consultation with our Birmingham divorce attorneys to see how we can assist you.

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