Ending a marriage is never easy, and divorces are often difficult. While any couple is likely to experience challenges during their divorce, if you and your spouse have significant assets, this can be an even more complicated and lengthy process. Divorces like these are considered high-asset divorces and can often make the process harder to go through, especially when you don’t have the right legal help.
If you aren’t sure if the number of assets you and your spouse share would qualify your divorce as a high-asset divorce, a family law attorney can help determine this. High-asset divorces can involve many high-value assets that complicate the divorce, including the following.
Bank Accounts
Of course, one of the most obvious assets found in a high-asset divorce is high-value bank accounts. Dividing the assets in a bank account can often be difficult during a divorce, and many might not understand how these will be divided. Some might assume that only joint bank accounts can be divided, but separate bank accounts can also be divided in some cases. Even if funds were in a separate bank account prior to the marriage, and their spouse’s name was later added to the account, these could be divided in some cases.
Real Estate
Many divorces involve some real estate assets, which typically include the family home. However, there can be even more real estate assets in high-asset divorces, such as vacation homes, rental properties, and land. If the property is a marital asset, there are a few ways it can be divided depending on the situation, such as the couple selling the property, giving certain property to one spouse, or agreeing to split the income they receive from a rental property.
Businesses
Some couples with high-asset divorces may share a business or multiple businesses. How businesses are split in a divorce can vary greatly depending on the situation. There are many considerations when dividing a business, such as how much work each spouse puts into it. The future success of the business may depend more heavily on one spouse, which can affect how it’s divided. Some may also choose to buy out their spouse’s ownership in the business.
Stocks and Bonds
Those who have invested in stocks and bonds may be concerned about how these assets will be divided in a divorce. This can be complicated, because, in some cases, a person may have made the initial investment prior to the marriage, but the appreciation in value during the marriage could be considered a marital asset.
Retirement Accounts
Some may have invested a significant amount into their retirement accounts prior to their divorce. In some cases, a spouse may have invested in their retirement accounts before getting married, which would make that portion of the account separate property.
Artwork, Jewelry, and Other Collectibles
Those with high-asset divorces may have assets like artwork, jewelry, and other collectibles that can have significant financial value and need to be considered when dividing property. If the property was given to one of the spouses as a gift, such as valuable jewelry, it’s typically their property, even if it was gifted by the other spouse. Art and collectibles bought during the marriage may be considered marital property and typically need to be appraised. These items can be sold and the profits divided, the items may be divided between the spouses, or one spouse may buy them off the other.
Hidden Assets
When significant assets are at play, hidden assets are sometimes uncovered. It’s not uncommon for one spouse to handle the finances for both of them, which makes it easy to hide assets from the other spouse without them realizing it. A spouse may attempt to hide assets in many different ways during a divorce, such as by creating accounts in a different name or making payments to family and friends to be returned after the divorce. Hiding assets during a divorce can prevent a spouse from receiving what they deserve and have serious consequences for the spouse who is caught.
Have an Experienced High-Asset Divorce Lawyer Handle Your Divorce
While high-asset divorces can be complicated, having a high-asset divorce lawyer help you along the way can make the process a little easier. Attorney Craig Kalinoski understands the challenges that significant assets in a divorce can cause and can navigate them to help you protect the assets you deserve.
Contact Kalinoski Law Offices to schedule a free consultation today if you believe you may have a high-asset divorce.