All divorces are hard, but some can become complicated by financial and asset-based factors. When a divorcing Pennsylvania couple owns a business, holds multiple properties, invests aggressively, or possesses significant personal assets, it can be difficult to work out not only who should take what from the marriage but also how much value those items should be assigned. When the partners to a high-asset marriage go through a divorce, they should seek legal counsel from attorneys versed in high-asset divorce procedures.
Ownership and valuation during the property division process
During a marriage, partners may acquire significant amounts of property that can be valued at considerable sums. While often property acquired after a couple’s wedding is considered marital, there may be reasons to classify it as separate depending on whether it was a gift or inheritance. The classification of property as marital or separate can have great bearing on the property division outcomes of a high-asset divorce.
Similarly, valuation of marital property can complicate how and to whom property is given during a divorce. Valuation refers to the cost or worth of the item, and experts in the financial field can be consulted to ensure that proper valuations are made of divorce-related property.
Hidden assets and protecting one’s rights
Sometimes during the property division process of a high asset divorce, a party may attempt to hide or conceal assets from their spouse so that they may retain them following the end of their marriage. These hidden assets should be disclosed during the parties’ divorce proceedings and unjustly enrich the deceptive party. Attorneys and financial professionals who work in the high-asset divorce field can help their clients seek out and identify potential hidden assets during their divorce proceedings.
There are complexities that can alter how divorce cases move forward, and significant assets are one such complexity. They should not, however, make the process impossible for individuals who want to end their marriages. High-asset divorce attorneys can counsel their clients on how best to protect their interests and rights as this post provides no legal advice.