Let's be honest...no divorce is fun. Whether it be one with no assets or one with high assets, divorce is almost always a stressful, uncertain time in a person's life. However, there are several issues, in addition to the standard divisions, to be addressed in a high asset divorce. For this reason, an attorney experienced in these types of cases can be your best friend.
For a couple who does not own any real estate or have any joint debt, divorce can be a quick and easy process. In the alternative, a couple who jointly owns real estate, businesses, debts, retirement accounts, and multiple personal property items can find numerous issues to debate, which can prolong and complicate a divorce. When a couple with these types of assets splits, it becomes important for correct valuations to be performed. This ensures that each party receives an equitable division.
Another issue that may arise in a high asset divorce is how to divide business interests or retirement funds. Prior to a decided distribution of these types of interests, depending on the estimated value, it can sometimes be worth a party's time to invest in a private investigator who can make sure that no assets have been hidden or improperly transferred to a third party. An attorney can help you find a reliable source to perform these types of investigations.
Though it may seem far less stressful to just give everything to your spouse and walk away, do yourself a favor and at least discuss the situation with an attorney first. They can offer insight as to how your current decisions will affect life in the future and give you a fresh perspective on why it is important to fight for what is rightfully yours.
Source: investopedia.com, "Why are high net worth divorces considered more challenging than other divorce cases?," accessed December 24, 2017
Tags: High Asset Divorce