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High-asset divorces have specific challenges to consider

There are many different things that make high-asset divorces difficult to handle. Many of these problems revolve around the money. Both parties usually want as much as they can get their hands on. In some cases, this causes one party to take illegal steps like hiding assets.

Finding hidden assets is a large part of dealing with a high-asset divorce. Forensic accounting can help to find assets that were hidden on purpose, as well as those that were forgotten about. Even when there isn't any reason to think that one party hid assets, it is always best to look into the possibility simply because you won't know what's out there if you don't look.

Another issue that comes into the picture in many high-asset divorces is the family business. Determining the value of the business and how to split it or allow one spouse to buy the other one out can all be difficult. This is where you need to work with someone who understand these issues and how to handle them.

Retirement accounts and investments also pose particular problems because you can't always base the value of these assets for the purpose of property division on the cash value of the assets on one specific day. Instead, you have to figure out how the value might change over time.

If you are facing a high-asset divorce, you should make sure that you have all the bases covered. You need to protect your interests so that you can continue to live the life you are accustomed to living even after the divorce is finalized.

Source: Investopedia, "Why are high net worth divorces considered more challenging than other divorce cases?," accessed Feb. 03, 2017

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