When you get down to business, divorce is all about dividing a couple’s marital assets and debts. For some couples, the process is easy: Divide the house, the automobiles, the bank accounts, and retirement accounts. Things like the furniture and family pets may be decided upon without too much contention, especially if the spouses want a clean break.
For the married couples with financially-complex portfolios, the process of dividing their assets and debts is inherently more difficult. In addition to the standard real estate holdings, bank accounts, and retirement accounts, there may be restricted stock and stock options, deferred compensation, professional practices, businesses, multiple real estate investments in different states or even different countries, investments, valuable fine art, antiques, and other rare collectibles.
Forensic Accountants for Complex Divorces
Above, we are only scratching the surface in regard to the different types of assets that can be involved in a financially-complex, high-net worth divorce. With so many nuances with a high-asset divorce, it’s important to realize the complexity involved in the settlement process. If such a case is not handled correctly, it can have major financial implications down the road for one or both spouses. If you’re a high-net worth individual, you do not want to leave your assets and your future to chance.
As a law firm that handles high-asset divorces on a daily basis, our advice is to include an experienced financial professional, such as a forensic accountant, on your divorce team. Forensic accountants can explain the long-term tax impact of various settlements, and they can explain the different settlement options so you can make an educated decision before entering into an agreement.
Do you think your spouse could be hiding assets from you? In this case, a forensic accountant is a must. If he or she may be concealing assets or committing fraud, you will benefit greatly by having a forensic accountant or other financial specialist on your side.
Next: High-Asset, High-Conflict Divorce
To learn more about adding a financial specialist to your divorce team, please contact our Dutchess County divorce firm.