As an individual with a high net worth, your divorce can become very complicated. Splitting up property can be difficult in any divorce, but when you have significant assets at stake, you will have additional factors to consider.
Here are three tips to remember during the property division process.
1. Seek an accurate valuation of assets
As a part of a high net worth couple, you likely have complex assets, such as businesses, real estate or intellectual property. It is often difficult to determine the value of such assets. You should consider obtaining an independent valuation of high-value assets to ensure that the divorce proceedings account for their true value.
2. Consider the tax implications
Some types of property and investments are difficult to split, and you may want to liquidate these assets and divide the proceeds between your spouse and yourself. Make sure to account for the tax implications of selling high-value assets as a part of the property division process.
3. Look for hidden assets
You deserve an equitable portion of all marital property. Watch for indications that your spouse is attempting to hide assets and income to deprive you of your fair share. Signs include large, unexpected purchases and payments towards unknown debts.
When you own high-value assets, dividing up the marital property can take time. Patience is necessary as you identify assets, obtain accurate valuations and negotiate a fair settlement. Rushing through this part of the process may mean that you do not receive an equitable share.