James R. Schaffer, P.A.

Complex matters in a high-asset divorce

| Jan 12, 2018 | High Asset Divorce |

Divorce is no fun for anyone. Though parties may find themselves happier when all is said and done, the divorce process itself is not usually enjoyable. Just a simple, no or low-asset divorce by consent can be emotionally draining and stressful. That being said, one can only imagine the stress and complexities of wading through a high-asset divorce with multiple major decisions to be made.

High-asset divorces are in a league of their own, and often require a full team of professionals to complete. In addition to a knowledgeable attorney, other professionals who may work on these cases are accountants, tax professionals, and private investigators. For this reason alone, these divorces can quickly become very costly. It is of utmost importance that the best decisions possible are made due to the business and tax consequences that can later occur.

Some asset ownerships to be addressed in a high-asset divorce are real estate, businesses, hidden assets, offshore accounts, retirements and pensions, comingled assets, and high-value household furnishings or vehicles. In some situations, a skilled forensic accountant must be retained to delve deep into financial records if it is suspected that one spouse is hiding assets.

Decisions in these types of divorces should not be made without the advice of an experienced attorney who is seasoned in handling complex issues. An incorrect move can hold financial ramifications for years to come. An attorney can also suggest and facilitate alternative resolutions such as mediation to settle your case outside of court. Collaboration is another alternative. Protect what you have worked hard for, and do not attempt to navigate these waters on your own.