On behalf of Stange Law Firm, PC posted in support on Friday, May 3, 2019.
High asset divorces can include a number of challenges that are in additional to the usual challenges associated with divorce. The family law process is designed to help divorcing couples resolve their divorce-related concerns as smoothly as possible and help them resolve the challenges associated with their unique divorce situation.
When property is divided during a divorce in Missouri, Kansas and Illinois, the goal is to reach an equitable division of property. In circumstances of a high asset divorce there can be many complexities that come up that need to be worked out. In high asset divorce situations, property division, in addition to the more common or everyday items, can include the division of real estate, business interests, professional practices, investment accounts and deferred income and pensions.
Part of a high asset divorce includes ensuring that there are no hidden assets; that professional practices and businesses owned by the couple are properly valued; that retirement savings, including pensions, IRAs and 401(k)s are properly handled; that special situations such as Qualified Domestic Relations Orders are properly addressed; and a whole host of other concerns that may come up during a high asset divorce. This may involve the services of financial and other professionals to accomplish. In addition, maintaining the standard of living enjoyed during the marriage as much as possible will also be taken into account.
Not every divorce is the same and high asset divorces, which may be more complex and sometimes more contentious, are no different. As a result, it is helpful for couples contemplating a divorce who have a high net worth to be familiar with how the legal process can help guide them through their divorce.