Are you going through a high-net-worth divorce?

On Behalf of | Nov 9, 2021 | Divorce

Any divorce in Colorado will have its complications. However, if it is a high-net-worth divorce, there are unique issues that will come to the forefront. It is imperative for those in the middle of this type of complex situation to be cognizant of every possible factor that can influence the case.

Knowing the basics during a divorce with vast assets

While there are many worrisome parts of a high-asset divorce, there are three keys to remember from the start. While it might seem obvious, people frequently forget how crucial it is to have legal guidance. Making missteps at the beginning can cause challenges throughout the case, so it is essential to be legally protected. That includes determining the scope of the property, appraising it, gauging who has a legal right to it and more. If the other spouse handled the finances, it is even more critical to have professional assistance.

When there are substantial assets, it can be difficult to come to an accurate conclusion as to how much there is and what it is worth. In some instances, a spouse might have taken steps to hide assets from the other spouse. Forensic accounting could be needed to see what is there and to gauge its full value. Anything could be of value and this is not limited to stocks, retirement accounts, bank accounts, real estate and a business. There might be collectibles, automobiles, furniture and items of historical significance. Finally, there should be discretion with the information that is revealed during the case. Prominent people will generally want to avoid having personal information seep into the public in their high-asset divorce.

Experienced assistance is useful in a high-net-worth divorce

With the emotional toll that divorce can take, people can be easily distracted and forget about the future. The long-term should be considered with every move in a high-net-worth divorce. Adhering to these three fundamental principles is a good start. It is also useful to have skillful advice to cover all the bases in analyzing the case to reach a successful resolution regardless of the perspective.