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Be prepared to disclose all financial assets during divorce

While it is true that no divorce is easy, it is possible to say that some divorces are more complex than others. A divorce between two Tampa residents who have strong careers, no children and minimal property may be emotionally difficult; however, it likely does not present the same challenges as a divorce that involves child custody and support negotiations, spousal support and property division issues and other complex themes.

One factor that can significantly increase the complexity of a divorce is when the couple owns significant assets and financial interests. Though many individuals have retirement accounts, savings and checking accounts and other common financial devices, complex high asset divorce cases may also include the division of business interests, stock options and portfolios, pensions, real property and hidden assets.

Hidden assets are assets that parties to divorces may try to shield from division during their property settlements. They may be hidden because the parties do not want to share the wealth of those assets with their soon-to-be exes; when hidden assets are suspected in a high asset divorce settlement, legal strategies and financial professionals who focus on locating secreted items may be brought in to support a divorcing party's case.

It is in the interests of individuals going through divorces to disclose all of the assets that they own separately and with their partners. Their attorneys can help them make plans for how to negotiate or advocate for the division of the things they own. Hiding assets during a high asset divorce can spell trouble for a person who wishes to emerge from the legal process with certain assets under their ownership. Thus, it is important to understand how best to handle these matters.

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