It is said that money can't buy everything, which is why even high net-worth couples in Colorado who have fallen out of love may find that their best option is to divorce and go their separate ways. However, a high-asset divorce can present complexities not found in other divorces, particularly when it comes to property division.
Naturally, each spouse wants to see that they are allocated a fair amount of the marital assets. However, determining what is fair can be complicated. For example, if the couple owns a business, they'll need a business valuation. Sometimes, it is also necessary to engage the services of a forensic expert. Valuable assets, such as artwork, collections, real estate, and other properties will need to be appraised to reach a fair understanding of their worth.
In addition, it is necessary to determine the couple's liabilities as well, such as any secured loans the couple has, as well as any credit card debt and tax debt. Liabilities, just like assets, need to be allocated to one spouse or the other during the property division process.
As this shows, a high-asset divorce is not necessarily a simple operation. It involves many professionals, including an attorney. Therefore, it is important for those seeking a divorce to find an attorney who is a good fit for them. For example, the professionals at Frost & Beck, PC, have helped many families with their property division and other family law needs. To learn more about how an attorney can help in a high-asset divorce, you can view the firm's website.
Tags: High Asset Divorce
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