When it comes to divorce, affluent couples face many of the same issues as other couples. Similar issues, though, often are magnified. Meanwhile, other matters are unique and distinctly applicable to them due to their financial standing.
One such issue is property division, which turns into a complex exercise due to the assets involved. Some of those assets such as businesses, stock options and luxury items may be difficult to evaluate and distribute. But the spotlight shines on them, nonetheless.
Stock options and offshore bank accounts
Expect a lengthy negotiation and litigation process when addressing this issue. Besides guidance from a skilled family law attorney, you also likely need the services of a forensic accountant and other specialists who understand the valuation of specific assets and their market worth.
Here are some of the complex assets that get addressed when affluent couples divorce:
- Retirement accounts that include IRAs, 401(k)s and 403(b)s
- Workplace pension plans
- Stock investments and employee stock options
- Executive bonuses and benefits
- Businesses owned by either one spouse or both spouses
- Luxury items such as yachts, private jets, jewelry, country club memberships, high-end cars and clothing
- Collections that may include fine art, antiques, wine, coins and firearms
- Offshore bank accounts in places such as Belize, Bermuda, the Cayman Islands, Singapore and Switzerland
- Hidden assets that one spouse must uncover
During contentious divorces, property division may prove much more complicated. But resolution is necessary even if it takes a while, so patience and assertiveness are necessary.
Getting the assets you deserve
Your marriage disintegrated, and now, you must soldier on to protect yourself and your rightful assets. The complexities surrounding property division in affluent divorce are not new. So, along the way, it is crucial to work on an agreement toward resolution. You may not secure every asset you wanted and may have to sell a few things, too. But you want your fair share.