The end of a marriage can be one of the major stresses in a person’s life. While a divorce can be emotionally demanding in itself, attempting to determine how to divide considerable assets may only up the anxiety levels for some Colorado families. However, it may pay off in the long run if certain aspects are taken into consideration during the process.
Couples who attained a higher level of wealth either before or during a marriage stand to lose more if either party is unable to take a thorough accounting of all assets. While it may be relatively simple to calculate one’s bank balances and retirement savings, it may be a different matter when other assets are not included in the valuation of the couple’s holdings. In certain circumstances, a couple may choose to seek the guidance of a specialized financial planner. These professionals are experienced to assessing the value of certain assets that may be overlooked.
If one or the other spouse holds interests and investments including certain stock holdings and other equities, the services of a specialized accountant may prove to be invaluable. Furthermore, assessing the value of some life insurance policies may be more complex than most spouses are able to determine on their own. While determining the dollar value of some policies is rather straightforward, some owners may have structured their policies in such a way that it is difficult to ascertain their true worth, especially those that are included as parts of trusts and other estate plans.
Having the clearest picture of the worth of all assets that are subject to division during a divorce will provide each spouse with the information needed to plan his or her financial future. A divorce may signal the end of a relationship, but it does not have to be the end of the life one has grown accustomed to living. An experienced and knowledgeable attorney can provide Colorado families with all of the tools they need to proceed through this phase of life and emerge in the best position possible to begin again.
Source: Forbes, “Getting The Most From A High-Dollar Divorce“, Russ Alan Prince, Aug. 25, 2017