A high asset divorce can lead to an especially complicated divorce process which is why couples with significant assets should be prepared to approach their divorce concerns so it can go as smoothly as possible. Spouses who are prepared for the property division process are in a better position to protect their interests, prioritize their interests and negotiate a favorable property settlement agreement.
High-value assets can refer to a range of different assets including real estate and property, artwork, stocks, equity interests, businesses and life insurance to name a few. This blog recently discussed options for dividing a family business but that is only one type of high-value asset high income couples may need to address during their divorce. Couples should consider other high-value assets as well, including those they may typically overlook such as that accumulated in a life insurance policy.
At the outset, it is important to ensure that high-value assets are properly valued. The valuation process typically involves retaining a valuation expert. It is helpful if the valuation expert used has an accounting background or specialized designated to property value assets. Other factors also commonly come into play during a high-asset divorce, such as the standard of living enjoyed during the marriage which can impact property division, spousal support and other concerns as well.
In addition to having accurate valuations during the high-asset property division process, it is also important that all property is known to both spouses and accounted for which requires that assets are not hidden. In some circumstances, it may also be necessary to retain an expert in forensic accounting to ensure full disclosure of assets is made. Couples preparing for a high-asset divorce should be familiar with all the assets that will need to be valued and addressed during the property division process so they can better protect their interests as they move forward.