Spouses with a high value of a marital estate and other assets are likely to face many complications during divorce, particularly during asset division. These complications imply that there’s always room for significant financial considerations that might be overlooked, misunderstood, or misrepresented. Lawrence Law Office warns that these are some of the reasons people going through a divorce should consult with lawyers and financial experts.
The division of the marital estate is among the most complicated elements of a divorce. For the estate to be shared equitably, the court needs to know the actual value of the real estate and other assets. If the spouses’ marital estate isn’t valued correctly or some assets are not accounted for, the chances are that one of the parties will end up with far less than the value of assets they deserve. A finance expert can help handle the following;
Identify hidden assets for reliable valuation
One of the main reasons you should work with a financial expert during a high-asset divorce is to locate hidden assets. Though the law requires divorcing partners to disclose the full and complete list of all their estate and other assets, one of the parties might try to hide some assets unlawfully. For example, your spouse might transfer an asset as a gift to a friend or relative.
In other cases, your spouse might misrepresent assets. For example, he or she may offer a valuation of a business that sounds somewhat too low to be true. In this case, having an attorney and a financial expert can help uncover the hidden truth.
Financial experts have a wealth of knowledge and experience to analyze various transactions and asset transfers. Uncovering hidden assets could mean the difference between getting the estate value you deserve and getting nothing during the division of assets.
Analyze overlooked assets
Assets valuation is a challenging process in a divorce case involving high net worth people. It’s easy for some assets to be overlooked during valuation. For example, a life insurance policy may be worth a significant amount of money.
An experienced financial expert can help draw attention to all overlooked assets. Some items like collectibles and artwork are challenging to attach a dollar value unless you have the help of a reliable financial expert. Therefore, working with an experienced financial expert means you can get all the important assets valued correctly.
The family is complicated
All divorce cases involving high net worth parties are complicated. You need an attorney with an in-depth understanding of family law and many years of experience in handling such cases. Also, you need a financial expert who can successfully analyze all your marital assets, uncover hidden assets, and help ensure correct valuation.
Divorce has never been an easy process for anyone. It is both emotionally and financially exhausting. Besides, this isn’t the time to make mistakes. Therefore, working with an experienced attorney can help protect your rights and interests until the divorce process is finalized.