The divorce process can feel overwhelming, and divorcing couples likely have a long list of priorities and concerns they want to address during the divorce process. It is important for divorcing spouses to understand how to protect their interests and the wealth they have accumulated during their marriage, especially in circumstances of a high asset divorce.
Property division concerns that divorcing spouses may have include financial accounts, real estate or business interests. It is valuable for divorcing couples to know how family law statutes and rules work and impact property division. Property division is conducted by valuing assets and liabilities at the date the couple marries and the at the date the couple separates and the increased wealth accumulated during the marriage is either shared or equalized.
Divorcing couples should be prepared for how business ownership will be divided between the spouses during divorce but also how property division related to other high value assets will be addressed, such as pension plans. It is also important for divorcing couples to know how valuation is conducted for high value assets. It may be necessary to engage financial, professional valuation and other experts during the process. Business assets, stock portfolios, retirement plans and other high value assets may quickly become complex to value.
The more the divorcing couple understands about the property division process during divorce, the better able the spouses will be to protect the assets and wealth they have worked hard for. The family law process is a valuable resource that is available to help guide divorcing spouse through their divorce and property division process.