Key considerations for high asset divorce
For those going through a high asset divorce, they have a lot at stake. Lots of individuals have spent their whole life working hard to put themselves into a solid financial position.
When a divorce then takes place, it can often put at issue all the fruits of that hard labor. This can cause a great deal of concerning for those in this situation. The following are some tips for those going through a divorce with a high net worth.
First, it is vital to have legal counsel that has experience in the high area of high net worth. Divorce where high assets are at stake can be considerably difference than a run-of-the mill divorce where parties simply have an apartment, the contents therein, some automobiles and no kids.
Second, it is important in many of these cases to try and trace the assets owned before the marriage. In most states, assets owned before marriage are considered separate property. Many individuals going through a high asset divorce for example might have come into the marriage with considerable wealth already. For this reason, getting statements, documents and other records to show what was owned prior to marriage can be important.
Third, obtaining the testimony of expert witnesses can often be of value. With tracing of assets, a forensic accountant can often help. As it relates to real estate, businesses, stocks and investments and other valuables, it is often critical to determine the actual fair market value of these assets. An appraiser, or business valuator, can often become important in these cases. If spousal support or maintenance is at issue, a vocational examination can also assist to help determine what the spouse seeking alimony might be able to find in the job market.
Fourth, a divorce financial planner can be of considerable benefit in lots of cases. In trying to determine what assets a party might wish to obtain through trial or settlement, a divorce financial planner can often help a party help determine the pros and cons of seeking various assets relative to future forecasts, taxes, etc.
This list is not all inclusive. There are many other considerations for those going through high asset divorce. However, this list is a good starting place.
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