How to Tell If You Are in a High Asset Divorce

 Posted on September 27,2018 in High Asset Divorce

A high asset divorce means high stakes for both sides during the division of property. The properties in a high asset divorce are both valuable and numerous, making the property assessment process more difficult. How do you identify whether you will be going through a high asset divorce? Besides the incomes of yourself and your spouse, there are several types of properties that are typical in a high asset divorce:

1. Multiple Real Estate Properties: Your home is often the most valuable property in your marriage. In a high asset divorce, you may own several real estate properties, such as a seasonal home, undeveloped land, or a building which you allow other people to rent.
2. Multiple Vehicles: Each spouse has his or her own vehicle in a typical divorce. In a high asset divorce, you may have additional vehicles that you use for recreational purposes or keep as collector’s items. Common examples include vintage cars, motorcycles, and boats.
3. Business Ownership: Owning a business can be more lucrative than being an employee. If your spouse is a business owner, he or she has likely invested substantial money into it and has many valuable assets tied to it. A business valuation can determine the current and potential value of the business, which may be a marital property.
4. Investments: Money in the stock market or business interests may be paying dividends now or promising payouts in the future. You need to carefully evaluate these assets during your divorce. Some investments have a low current value but have the potential to increase in value. However, it is risky to overvalue the potential of investments in case they do not increase in value as expected.
5. Benefits and Insurance: People in high asset divorces have often been saving towards their retirement for years. You are entitled to a fair share of the retirement benefits that your spouse has accumulated during your marriage. Your spouse may also have a life insurance policy with cash value that you can divide.
6. Collectibles and Luxury Items: People use their disposable income to purchase items that interest them. In a high asset divorce, those items may be valuable, such as art, jewelry, and memorabilia. The value of these items is part of the division of property because marital income was used to buy them.

Property in a High Asset Divorce

You should not assume that you know the actual value of your marital assets during your divorce. You need a professional assessor to identify valuable properties from your marriage and determine their worth. A DuPage County divorce attorney at Calabrese Associates, P.C., has experience working with clients in high asset divorces. Schedule a consultation by calling 630-393-3111.

Source:

https://www.forbes.com/sites/jefflanders/2013/10/16/divorcing-women-dont-forget-these-marital-assets/#58ab219b1195