The divorce process can become more complicated if the divorcing couple has a significant number of assets to divide. Divorcing couples with significant assets that are high in value may have understandable concerns related to property division, spousal maintenance and other divorce-related issues. Aside from dividing substantial assets, the divorce process can also be understandably emotional and challenging for couples.
In circumstances of a high asset divorce, it is necessary to disclose all assets and determine the fair value of the assets subject to division. Assets may include investments, real estate, stock options, retirement accounts and 401(k)s. It may be necessary to review tax returns and bank statements to establish income. Forensic accounts and valuation experts can help assess and determine the value of the couple’s assets which may include a family-run business. What to do with a family-run business can also be a concern in need of guidance during a high asset divorce.
In general, high asset divorces may be subject to special complexities. Divorcing couples are always encouraged to reach agreements related to divorce-related issues which become part of the divorce settlement agreement once agreed upon. When divorcing couples are unable to agree on divorce-related concerns such as property division, spousal maintenance and other concerns, the family law process can help establish a property division agreement and address other concerns.
Just like any divorcing couple, high net worth couples who are divorcing are encouraged to learn and understand as much as possible about the divorce process which may help guide them through it. The family law process provides resources for couples in all different circumstances and situations to help them with and through their divorce-related concerns.