High-net worth divorces are sometimes considered more challenging than others because there are so many assets to find and divide among the spouses. There are potential tax implications and long-term implications for each person’s retirement and role in businesses or other financial situations.
If the couple owns a business, the business has to be valuated. Sometimes, this requires up to three valuations to determine an average value that the couple agrees on. Other issues could come up if the individuals want to sell or continue working together with the business.
The financial stakes are much higher with a high net-worth divorce. The length of the proceedings may be longer, which means that both parties may end up spending more in hopes of getting what they want in assets out of their marriage. It can also take longer to determine where assets are if one party tries to hide them. This is an illegal act that your attorney can help you look out for.
Finding missing assets is just one aspect that can make your divorce more challenging. With highly valued items comes strict negotiations and possibly stubborn partners who don’t want to give something up. On top of that, adding in emotion and the stress of a divorce can make for a tumultuous time while you try to settle your financial affairs.
If you’re not sure how to move forward with your divorce, you’re not alone. With the right help, you can get through asset valuation and the property division process, so you can move forward with your divorce as soon as possible. Our website has more information.