Settling a divorce is a complicated process for any couple. However, those facing high-asset divorces may have even more questions about what happens to certain types of assets and holdings, such as vacation properties or business interests. These parties may also take longer getting a full financial disclosure from both parties and settling on financial issues such as child support and alimony.
One of the most important things to be aware of is the potential for hidden assets. It’s common for those with many assets or a very high income to have someone else, such as an accountant, take care of the majority of their financial dealings. This could mean that one or possible both parties are unaware of the complete financial situation. An attorney can help you get a full disclosure and let you know what can be done if you believe the other party is hiding assets.
However, just because there are significant assets at stake does not automatically mean that you are destined for a long, drawn-out court battle. Sometimes parties in high-asset divorces are able to come to their own agreement or make use of the mediation process. By doing this, they maintain more control over how the assets are divided and may also be able to avoid unwanted publicity.
If you are facing a divorce and have a significant amount of assets or very high-value assets, it’s critical to talk with an experienced attorney as soon as possible in the process. Doing so can help you avoid potential pitfalls and ensure that you understand the laws applicable to your case and what the possible outcomes may be.