Complicated issues surface in high-asset divorce as many assets are at stake and many questions need answering. Such issues may include untangling complicated assets, uncovering hidden assets, determining what to do about expensive collections along with spousal support.
It can be a nerve-wracking experience, but you need to protect yourself. Many of these assets rightfully belong to you, so you need to advocate for yourself and work with a legal ally who will guide you through this process.
Complicated assets to valuable collections
Among the many issues that surface in high-asset divorce include:
- Complicated assets: The average divorcing couple likely does not have to deal with business interests, real estate partnerships, stock options, stock voting rights and assets within a trust. It takes great care and a great amount of time to untangle such assets.
- Child support: These numbers get magnified in a high-asset divorce. The list of things that need attention may include private school tuition; expenses for pricey lessons, camps and hobbies; fees for a nanny and the high tuition costs at a private college.
- Hidden assets: Some spouses may have concealed assets for a long time. If you suspect shenanigans, you may have to retain a forensic accountant who can uncover those concealed assets by reviewing tax and financial documents.
- Spousal support: In some of these marriages, a spouse may have given up a career to take care of the family. And that spouse likely wants to keep the lifestyle to which he or she has grown so accustomed.
- Valuable collections: From fine art, precious metals and wine to luxury cars and sports memorabilia, affluent people collect many expensive things. These collections can be quite valuable, and it may take time to determine whether to divide or sell them.
These represent just a few of the issues that high-asset couples must confront in divorce.
Protect yourself at every step
You invested a great amount of your life in this marriage. Now, that the union is ending, you must protect yourself and make sure that you secure the investments that legally belong to you. It will take some work, but you can do it.