Arm yourself with knowledge in a high-asset divorce

When a couple in Orlando decides to divorce, the decision may be one filled with emotion, even if they both agree that ending their union is the right thing to do. However, such emotions can sometimes cloud their judgment or cause drama. This is especially true in a high-asset divorce, where couples are dealing with millions of dollars in assets. Unfortunately, when a person is unable to step back and objectively assess their financial situation, it could mar their ability to reach a fair settlement agreement.

For this reason, high-asset couples seeking a divorce may also want to seek the advice of a valuation professional. These professionals can assist in obtaining an accurate, objective assessment of the value of the couple's assets. This can be especially helpful when dealing with complex assets where there may be contingencies attached to the distribution of the asset,ownership of the asset needs to be transferred from one spouse to the other, or where the asset needs to be sold.

Dealing with life insurance can also be tricky in a high-asset divorce. Life insurance is not the same as other types of insurance, such as car insurance or homeowner's insurance. High-asset couples may have life insurance policies that are extremely valuable. However, these policies may simply not be on the radar of the other spouse, meaning that spouse may not know of the full value of these policies. Sometimes it is necessary to consult with a professional experienced in insurance and trusts. These professionals can assist in assessing the current value of the life insurance policy, so that it can properly be addressed in the property division process.

Finally, high-asset couples are accustomed to living a certain lifestyle. An analysis of this lifestyle is important, as it will cost money to maintain it after a divorce. It is important for divorcing couples to determine how money was spent while they were married, in order to reach a fair settlement. Again, professionals can help in this endeavor.

Couples going through a high-asset divorce may find the entire process to be very complicated. It is important that they have a full understanding of the value of their assets and their financial needs and rights. With this knowledge, they may be able to reach a divorce settlement that is fair to both parties.

Source: Forbes, "Getting The Most From A High-Dollar Divorce," accessed Feb. 8, 2018

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