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The complexities of a high-asset divorce

On Behalf of | Apr 3, 2024 | Divorce

Divorce is never a painless process. It often involves complex emotional and legal turmoil. Divorce becomes even more challenging when substantial assets are involved. With its additional complications, high-asset divorces require careful attention. Familiarizing yourself with these three key considerations in dividing your high-valued marital assets could help you navigate this process confidently and efficiently.

Identifying marital assets

Marital assets involve all properties you have acquired throughout your marriage. It could include real estate, vehicles, bank accounts, retirement funds, investments, businesses and all other tangible possessions you and your spouse have bought over time. In a high-asset divorce, marital assets could also include stocks, foreign assets and high-value collectibles, such as art and jewelry.

It is crucial to identify assets you and your spouse will divide. It is also critical to examine possible hidden assets that your spouse might have. Seeking the help of a forensic accountant would be beneficial to investigate and uncover hidden assets.

Valuing assets

You must value your assets properly before dividing them between you and your spouse. Each asset needs a detailed accounting and valuation. The asset’s value will be based on their cost, market value and revenue if they are investments. Evaluating properties could be challenging in a high-asset divorce, especially when a spouse tries to hide the asset’s actual value. Typically, this process involves consulting with professionals, such as accountants and real estate appraisers.

Distributing assets

With so much property to divide, distribution becomes more challenging in a high-asset divorce. Moreover, distributing assets is more than just splitting the asset values in half. There are factors to be considered, such as contributions during marriage and prenuptial agreements. It is crucial to have legal representation to ensure you get the assets that are rightfully yours.

Dividing property during a divorce requires a comprehensive and careful approach. The outcome of your divorce could have a lasting impact on your life. Remember that it is okay to protect your financial stability and safeguard your hard-earned assets. When significant wealth and properties are at stake, seeking professional guidance and proceeding with caution is essential.