Divorce can be a challenging endeavor for any couple. A high asset divorce involves couples who have accumulated significant assets during the marriage, or couples where one or both went into the marriage with significant assets.
Dealing with significant assets has the potential to raise both the cost and complexity of the divorce. A skilled lawyer can help you effectively address these issues and suggest additional professionals that may be of help throughout the process.
Here are four of the most common issues that arise in high asset divorce:
1. Hidden assets
Sometimes one spouse may have reason to fear that assets are being concealed from them. Someone with the will and capability to conceal can hide accounts, physical property and investments. Reviewing financial documents and tax returns could provide clues that something is amiss. Consider enlisting a forensic accountant to help uncover any hidden assets.
2. Property division
With more assets to divide, there is much to gain or lose. The debate regarding what is marital property and what is separate property could get heated. Generally, marital property covers all assets obtained during the marriage. All marital property is subject to equitable division. Separate property is not part of the division equation.
3. Custody and child support
Custody is always an issue when couples with children divorce. Couples with substantial assets may have additional things to account for that the average couple does not when it comes to child support. Tuition for private schools, expensive sports or hobbies, residential camps, nannies and expensive college tuition may make the situation complicated.
Privacy may also be of great concern in a high asset divorce. Divorce is a public process like any other court proceeding. Individuals with significant assets may wish to request the records of the divorce sealed so that their financial information is not available for public consumption.