The divorce process can be emotionally challenging. Divorces involving high net worth individuals can be especially challenging in many ways. Behaving against your interests during the divorce process, however, can have significant financial consequences both during the divorce and down the road, so it is important to be able to approach the process in a thoughtful manner that plans ahead for the future. Divorcing couples may have a variety of questions and concerns regarding the handling of a high asset divorce.
To begin with, it can be helpful to engage a valuation expert to provide an accurate assessment of the couple’s assets. Certain financial experts may help with the valuation of a business or partnership interest, including a family business, while other types of specialized financial experts may be better suited to valuate investment-related interests. Investment management experts who work with high value and complex portfolios can help guide couples through the valuation process as they divide high value assets.
Life insurance and lifestyle are other areas of consideration during the divorce process that may not always receive adequate attention. Forensic accountants can help accurately determine the lifestyle of the couple, which can be especially important if one is a higher earner than the other. Other concerns during a high asset divorce process can include spousal support, child support and the overall division of high value assets.
High asset divorces can be complicated, but a fair settlement can benefit the parties financially and in terms of time and headache. Being knowledgeable about the divorce process can help the couple make the best decisions using complete information that will allow them to focus on the future following the divorce and what they need for a successful future.
Source: Forbes, “Getting The Most From A High-Dollar Divorce,” Russ Alan Prince, Dec. 1, 2014