Although any divorce has its complexities, those often multiple when it involves a high-asset divorce.
From property to trusts and business assets, it means much higher financial stakes for both parties. For couples who cannot come to an agreement, it may create additional complications.
1. Prying eyes from the outside
In many cases, a wealthy couple has long established itself in the community one way or another. Whether a philanthropist, business leader or chair of a nonprofit, it comes with added publicity. While that extra attention may help with a good cause or business, it may undermine a divorce by making it difficult to keep the details private.
2. Identifying asset type
While high-asset couples typically have their finances in good order, determining the asset type and its true value can get challenging. In many instances, a couple may have separate and marital property. Any property owned prior to the marriage that has remained solely owned gets considered separate, even if the couple has equally used the property. The co-mingling of property makes it more difficult to identify assets correctly to ensure equitable distribution.
3. Hiding or wasting assets
A high-asset divorce increases the chances of one spouse trying to hide assets or wasting them. In some instances, this can result in a significant reduction of marital assets. As an equitable distribution state, Minnesota judges look at all the assets presented as a whole to determine a just and equitable settlement. When one spouse uses underhanded measures, it leaves the other one faced with receiving less than they should.
For couples with high assets divorcing, it remains imperative to not overlook any financial details to ensure the best outcome.