If you are ending your marriage, you know how difficult it can be to split up your assets and debts. Emotions can interfere with logic, yet your future may depend on making smart financial decisions.
Property division is often more complicated in a high-asset breakup. Certain assets are hard to value accurately. You may need to consult a forensic accountant to help gather evidence and information. Here are several classes of assets that may require special knowledge.
Real estate
In a high-asset divorce, you likely have real estate beyond the marital home. Examples include vacation homes, rental properties and real estate investments. Such assets may have few comparable properties available, so getting an accurate assessment can be challenging.
Retirement funds
You and your spouse may have multiple retirement plans, including stocks, mutual funds, 401(k) plans or pensions. Transferring funds from one party to the other may incur penalties. You need to understand the tax implications as well.
Family businesses
Closely held private businesses are much more difficult to value than publicly traded corporations. Private family firms do not need to disclose financial information in filings with the Securities and Exchange Commission. Therefore, calculating their value sometimes requires extensive research.
Collectibles
Personal collections present distinct valuation challenges. You or your spouse may treasure the works of art, classic automobiles or antiques you have amassed over the years. However, their market value may differ greatly from their importance to you. To further complicate matters, each item may be worth much more or less than what you paid for them.
You enjoyed a comfortable lifestyle during your marriage; you want that lifestyle to continue after the divorce. It is crucial to get solid professional advice when so much is on the line.