Asset division is one of the vital elements of divorce. Some divorces have a smooth property division, but in others, disputes arise. These disputes can prolong a divorce and potentially affect other elements involved.
Below are two matters that may complicate asset division:
1. High-value assets
A divorce involving high-value assets does not necessarily result in a complicated process. However, the chances of disagreements can be high, especially if the divorcing spouses disagree on crucial aspects, such as one of them hiding/dissipating assets or valuation.
Working with a forensic professional to uncover hidden assets and hiring an appraiser to determine the value of each asset can eliminate the chances of disagreements.
2. Family home
Divorcing spouses with a home that has significant value may disagree on what to do with it. Valuation of the home may also be a challenging subject if the parties can’t agree on a fair market value.
It’s not uncommon for spouses in high-asset divorces to want to retain the family home to maintain their lifestyle. The couple may have spent years building their dream home, only for one of them to be required to move out and start a new life, which can be difficult.
Spouses should consider all available options, including:
- Agree on who remains in the family home under particular conditions, such as paying off the mortgage
- One spouse buys out the other
- Both remain owners with a plan on how to use the property
- Sell the home and split the proceeds
If you believe asset division might be a problem in your divorce, legal guidance can help you receive what you deserve.