How Can I Prepare For An Impending High-Net-Worth Divorce?
The most important thing a person can do in preparation of a high-net-worth divorce is to gather statements regarding all assets and accounts. This will simplify the exchange of information that will occur during the divorce process, and protect people from overlooking assets or not being made aware of certain assets. It is never recommended for a spouse to conceal assets from the other party, as this will only create trouble. In a high-asset divorce case, a financial expert will be involved and will discover assets that have been hidden. It is also important to understand that the court can look for evidence of hidden, wasted, or diminished assets from the two years preceding the divorce. Choosing to be dishonest in a divorce case is a big mistake.
Under What Conditions Might A Forensic Accountant Be Engaged In A High-Asset Divorce?
Forensic accountants are very important for valuing businesses and income streams, as well as figuring out which assets throw off income. Forensic accountants can look at bank statements, business transactions, and review years’ worth of information to assist the family lawyer and client in understanding the actual value of an asset or liability. A forensic accountant can help the lawyer and client make informed decisions about how to proceed in terms of the division of assets and liabilities.
Is A Thorough Investigation Into Our Net Worth Necessary If I Trust My Spouse?
A thorough investigation is necessary, even when spouses trust each other. The investigation could be as simple as looking at current statements from every single asset and liability that is being divided. In other words, an investigation does not always have to involve searching many years in the past for hidden assets.
Do We Need To Involve Other Professionals Or Experts In Our High-Net-Worth Divorce?
Different experts may be necessary in certain high-net-worth divorce cases. If there is a significant amount of real estate in the marital estate (perhaps some of which is in a different state or country), then it would be helpful to have a real estate attorney divide those properties properly. If there are businesses involved—especially if one spouse is going to continue in the business and the other spouse will indirectly receive income or a payout from the business—then a business attorney may be helpful. It will be important to have a tax expert if there will be tax consequences from the sale of assets or properties. Appraisers who can evaluate assets such as real estate, jewelry, and automobiles might also be involved.
Should We Hire A Joint Forensic Accountant Or Should We Each Hire Our Own In A Divorce?
The decision to hire a joint forensic accountant versus one for each spouse should be made on a case-by-case basis. It is less expensive to hire only one forensic accountant, but if there is mistrust between spouses and/or a concern that a neutral forensic accountant will not necessarily be fair, then it may be necessary for each spouse to hire their own forensic accountant. Under such circumstances, the case might boil down to negotiations between two competing viewpoints regarding the assets and liabilities.
How Are Marital Assets And Debts Divided In A High-Asset Divorce?
Marital assets in a high-asset divorce case are divided in the same way as they are in any other divorce case. The only distinction is that some assets in a high-asset divorce might also be income streams, so careful consideration should be paid to this.
For more information on Preparing For A High-Asset Divorce In Florida, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (954) 928-9995 today.
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