Divorce is always difficult, but when high assets are involved a single mistake can translate to big losses. One mistake to avoid is failing to take certain assets into consideration when dividing marital assets during the divorce proceeding.
Two assets that those going through a high-asset divorce should be sure to watch for include:
- Business interests. Complications abound when divorce includes a business owner. A piece in Forbes discussed this issue, noting business assets like pre-IPO stock and concentrated equity positions are particularly difficult to split. These difficulties can be eased with proper valuations.
- Life insurance policies. These policies are easy to overlook, but those with high net worth have likely accumulated significant value in their life insurance policies. The person insured may not have a good idea of the full worth of these policies. In addition, the policy may be held in a trust, further complicating matters. Complicated? Yes - but not impossible. A proper valuation can be used to help tailor a plan to better ensure this asset is equitable divided.
These two assets are just a few of the many that require consideration during divorce. An experienced high-profile divorce attorney can help better ensure all potential assets are taken into consideration before your divorce is finalized.