In high-asset divorce cases, spouses may have numerous questions about how everything will be divided. Property division in these cases, unless there is an uncontested prenuptial agreement, can take time. This is especially true if all assets are not immediately accounted for or if values are not known. Divorcing couples in Massachusetts who find themselves in this type of situation may utilize experienced divorce attorneys and financial specialists to help ensure all parties receive fair settlements.
A couple that has a high-net-worth may have assets spread out in a number of places. These often include investments, businesses, portfolios, property and collectibles — among various others. Depending on which spouse took care of all household finances, one may not know what assets exist or where they are located.
When filing for divorce, each party is supposed to compile a list of assets. This allows both the ability to make sure everything has been accounted for and that nothing is missing. Failing to supply asset information may result in an unfair settlement which, sadly, has happened.
There are situations that do arise in which a couple may disagree as to whether a certain asset is deemed marital or personal property. Divorcing spouses in Massachusetts may seek legal guidance if there is concern about to whom any assets actually belong, and steps can be taken to ensure that these assets end up going to the rightful owner. Along with deciphering who actually owns what, bringing in those who are knowledgeable in finding assets and determining value — while it may prolong divorce proceedings — can help high-net-worth couples achieve the best property division settlements possible.
Source: Forbes, “When The Wealthy Divorce, They Regularly Engage Forensic Accountants“, Russ Alan Prince, Sept. 22, 2015