It is fair to assume that most people seeking a divorce are not necessarily also independently wealthy. Of course, this is sometimes the case. Connecticut residents should not be surprised, then, that such divorce situations bring up unique divorce issues related to dividing assets of significant value. However, there are ways to avoid the common pitfalls endemic to high-asset divorce.
One such way is to develop a comprehensive picture of the couple’s holdings and assets, both marital and individual. Given the sheer volume of these assets in a high-dollar divorce, it can be easy to miss individual elements. That can have a huge influence on the bottom line of a settlement. Seeking the support of a valuation expert to determine the true worth of shared and independent assets based on market value can be helpful in this instance.
Additionally, the question of life insurance should be addressed. Quite often, people do not think about life insurance in terms of being an asset, when in fact that is exactly what it is. Financial analysis can be useful here too, to determine not just how much a given policy is worth, but also how it can be best divided between the couple in an equitable way.
High-asset divorce is limited to certain individuals in the Connecticut community. However, the divorce issues involved in these types of proceedings are generally the same issues that middle-class couples face when they seek a divorce. In both cases, it can benefit the parties to each seek additional support as necessary to gain a clearer picture of their asset division situation.
Source: Forbes, “Getting The Most From A High-Dollar Divorce”, Russ Alan Prince, Dec. 1, 2014