Money hardly makes relationships easy, and this can't be truer in cases of divorce. When big assets like stock, business, investment property, and professional practice are involved in your separation, it gets even harder to separate the finances. For that reason, you need to hire an experienced divorce lawyer that specializes in high-net-worth divorce. Below are various factors to put into consideration during the process.
Get A Valuation
In a high-net-worth divorce, you will require the help of other experts. Additionally, in case you or your ex-spouse had a corporate or professional practice together, it will be crucial to set the value. That said, you will need the help of valuation experts. The expert will play a significant role in giving a correct market value for the properties. Ensure that you get in touch with a high-net-worth divorce attorney who can assist you in getting the experts.
Hire A Forensic Accountant
In every high-net-worth separation case, it is vital to know how to interpret all your business financial statements. Keep in mind that well-interpreted financial documents can greatly impact the valuation of the property as well as your income. A forensic accountant will play a crucial role in revealing any hidden assets that were never declared in the process. This will make sure that all assets are known, classified appropriately, and divided equally. An attorney specializing in divorce cases can help you arrange a meeting with a forensic accountant.
Division Of Assets
When it comes to dividing the assets in a high-net-worth divorce, there are several options. This is usually difficult, especially when both of you have assets like vacation homes, yachts, and other assets that are outside your country. Therefore, you will need to hire a divorce lawyer to help you determine the best way to divide the property.
Alimony And Child Support
When it comes to equal distribution of assets, alimony is one of the key factors you should consider. If you are a high-earning spouse, you might be required by the court to offer financial support to your child and spouse. This will be based on the duration of the marriage as well as your living standards during the nuptial. Engage a divorce lawyer to understand how your income can impact the property division process.
Every divorce case is different and must be addressed depending on various factors and facts. Therefore, if you are in the separation process, get in touch with a divorce lawyer to discuss your case.
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