February 9, 2023

Divorce is nearly always stressful, but a high asset divorce adds an additional layer of tension. When you have significant assets to divide and the stakes are high, hoping that you can make it through the process without legal representation is not recommended. Because of the complications of sorting through significant assets, high asset divorces need to be handled differently.

What is Considered a High Asset Divorce?

When the marital assets are valued at one million dollars or greater, it is considered to be a high asset divorce. In these divorces, the couple will typically own their home, cars, and have complex assets such as retirement accounts and investments. In some cases, the assets can be even more complicated, involving businesses, multiple homes, and numerous funds, brokerage, investment, and savings accounts. To see if your divorce will be considered a high asset divorce, make a list of all assets owned as well as any debt. If the asset value is over one million dollars, you should seek the expertise of a local high asset divorce attorney.

High Asset Divorces Require More Documentation

The division of assets in a high asset divorce is where the stressful documentation begins. When the stakes are high, it is even more important to make sure that all assets are documented correctly. Your high asset divorce attorney will help you organize the assets and prepare for the financial documentation required. This may include help from a forensic accountant, valuations of the businesses, properties, and other assets owned, and a list of all assets.

The list you initially provide to your attorney should include all homes, including vacation homes and rental properties, all vehicles, including cars, boats, and planes, retirement accounts, college funds for your children, other financial accounts, jewelry owned by either party including engagement and wedding rings, any increase in value of a previously owned asset, any businesses owned, stocks and brokerage accounts, and savings accounts. Your attorney will take the information you provide and begin the process of asset division with the opposing counsel.

Complications of a High Asset Divorce

In addition to the increased need for documentation and the process of valuing and verifying assets, there are other potential complications to a high asset divorce. In some cases, one spouse could try to hide assets to avoid division during the divorce. Sometimes an asset will simply not be included by the other spouse, sometimes it will be misvalued, and sometimes a spouse will attempt to transfer the asset to another party for the duration of the divorce proceedings, claiming that someone else is the owner.

This is where your high asset divorce attorney will employ the services of a forensic accountant, who can do a thorough search on all your financial information and present this information to the court. If the forensic accountant uncovers hidden or misvalued assets, the court can impose penalties and proceed.

Another complication usually arises in the division of assets, particularly with regards to property. In some cases, the spouses will agree that one spouse will keep the family home and the other the vacation home, and will attempt to split assets according to their value. In other cases, especially when spouses cannot agree, the property may be sold and the profits split between spouses. If the divorced spouses want to keep certain accounts intact or retain ownership of a piece of property, such as a home or a car, they will have to negotiate with another equally valued asset. In a high asset divorce, this can get complicated quickly.

Having an Experienced High Asset Divorce Attorney Can Help

A high asset divorce is very stressful and can represent a significant lifestyle change. To ensure the best possible outcome for your new beginning, you need an attorney with experience in high asset divorces. An experienced attorney will understand the complications, know the right experts to help uncover and verify assets, negotiate on your behalf, handle your asset division discreetly, and make sure you are treated fairly.

A high asset divorce attorney has the experience and expertise to guide you through your divorce proceedings. If you are going through a divorce and have assets that will put you in the high asset divorce category, contact my office today.