Navigating a High-Asset Divorce

 Posted on April 26,2017 in Divorce

It is safe to say that a divorce is rarely easy. While some are obviously much more challenging than others, the fact remains that a divorce marks the end of a what was once—in most cases—a union between two people who loved each other a great deal. Of course, severing the bond between you and your spouse is only part of the equation, as the divorce process also requires you to make decisions regarding your property and finances, as well as your children, if you have them. Couples who have accumulated a significant amount of wealth during the marriage—along with those who brought substantial assets into the marriage—may be faced with additional complications along the way.

A Complete Accounting

One of the biggest issues in a high-asset divorce is the possibility that one or both spouses may not be completely forthcoming regarding his or her financial situation. When a couple owns relatively few assets, compiling a list of what you have is fairly easy. It is still possible for a spouse to be deceptive and to hide assets or revenue sources, but doing so typically requires intentional behavior by that party.

For a high-net-worth couple, the situation is often much different. In such cases, the couple’s assets may be highly diversified and may even be managed by one or more wealth management professionals. As a practical matter, this means that you may not even be aware of the full extent of your holdings. During a divorce, you must present a complete, accurate accounting of all of your property, which is usually much more complex for a high-asset couple.

Hidden Assets

While identifying and valuating the marital estate of a high-net-worth couple is often challenging enough, some spouses will try to use the complexity to their advantage. For example, if one spouse owns a large business venture, he or she could use the company to hide what should be marital assets. By hiding money or other valuable property, the offending spouse may hope to protect those assets from being divided in the divorce. In these cases, a forensic accountant may be required to help discover hidden assets and restore the proper balance to the divorce proceedings.

We Can Help

If you and your spouse own substantial assets and are considering a divorce, contact a skilled divorce attorney in DuPage County. Call 630-352-2240 for a confidential consultation at Pesce Law Group, P.C. today. We will help you protect your rights and assist you in obtaining the favorable outcome you deserve.

Sources:

https://www.forbes.com/sites/russalanprince/2014/12/01/getting-the-most-from-a-high-dollar-divorce/

http://ireport.cnn.com/docs/DOC-1074216