Going Through A High-Net-Worth Divorce Proceeding
Posted on: 31 October 2022
Any type of divorce proceeding can be immensely challenging for a person to navigate through. However, high-net-worth divorce proceedings can be especially challenging due to the number and value of the assets that may be involved.
Have Major Assets Appraised
During a high-net-worth divorce proceeding, it is important to have an informed estimated value of the major assets from the marriage. Not surprisingly, individuals may not have accurate figures for some of the assets that they may own. This can be especially common in instances of art and other collectible items. For these possessions, a full appraisal should be completed. This appraisal will allow the couple to more effectively understand the estimated value of each of the assets and other possessions that they will have to split during the course of the divorce proceeding.
Document All Of The Financial Information From The Marriage
Another important step in preparing for a high-net-worth divorce proceeding can be to thoroughly document all of the financial information from the marriage. This can include account balances, investment portfolios, and even a history of transactions from these accounts. This may seem excessive, but it may be possible for one spouse to take steps to attempt to hide assets from the other during these proceedings. By having copies of this information, it is possible to thoroughly evaluate it to look for signs of unusual activity or other potential indications that some of the assets from the marriage may have been hidden. For this reason, many divorce attorneys will work with forensic accounting professionals to help verify the accuracy of these financial records.
Work With An Attorney That Is Familiar With High-Net-Worth Divorce Proceedings
Whenever a person is facing the prospect of a divorce, it is important for them to be informed and prepared as these proceedings can be very complicated and emotionally draining. For those from high-net-worth households, the added dimensions of the complex finances of the couple can further complicate this process. Fortunately, there are divorce attorneys that are familiar with the unique challenges that these separations can involve. This will enable them to provide guidance to their clients to help them navigate the process of separating from their spouse while also protecting their assets and their rights. Unfortunately, some individuals may assume that they will not need an attorney due to the divorce being amicable, but they may find that it can become very strained when conflicts over the distribution of assets arise.
For more information, contact a local firm like The Law Office of Michael Shew.
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