It’s hard to define just exactly what is considered a “high-asset” divorce. A general rule, however, is that it applies to a separating couple with a net worth of around one million dollars or more.
Given the value of your property, it can make the divorcing process more complicated, especially when you both have assets you’re looking to protect. There are a number of considerations that can make a high-asset divorce more complex.
Valuing the estate can be difficult
Where you own multiple properties, fine jewelry, antiques, artwork and have investments or joint business ventures, valuation can soon become very difficult. You may require the use of more than one expert in calculating the value.
You may need advice which can cost more
As your estate is worth a significant amount, you need to take extra care in ensuring you protect your legal rights in achieving a fair settlement. This may mean that you need to use financial and tax planning experts as well as employing those to help value property and your business(es).
Your ex-partner may try to hide their assets
Given that there is a lot at stake, parties to a high-asset divorce may try to hide assets. This can include such behavior as putting money into another, separate account you’re unaware of or giving away money as “gifts” to family members. This can lead to an unfair settlement for one party as the true amount of the estate cannot be determined.
A high-asset divorce can involve any of the complications above and more. It’s important to make sure you have legal assistance to help you protect yourself legally throughout the process.