Those who have worked to accumulate wealth face more difficulties when their marriage comes to an end. While many Colorado residents believe that the best way to arrive at an acceptable settlement during a high asset divorce is to battle it out in court, there are other steps that can be taken. One of the most beneficial may be consulting with knowledgeable professionals.
Those who work in finance encourage couples with assets less than $10 million to work together as much as possible to avoid costly litigation. For couples who have assets in excess of $10 million, a divorce can quickly become complicated, especially if there is a closely owned business, valuable art work or overseas accounts involved. In addition, in light of the current culture, an unpleasant divorce could negatively affect a spouse’s business reputation.
If one manages a hedge fund, board members and investors could be required to supply information during discovery depositions, which may require risk management measures. If a closely owned business is run by one spouse, there may be the temptation to undervalue the business in order to diminish the amounts that could be available to the other party. Financial advisors encourage their clients to have both spouses sign an agreement that would determine the method of valuation that would be used in order to ensure that an accurate value can be determined.
In cases where one spouse has never managed assets, it may be vital for this spouse to obtain legal assistance as early as possible in order to secure enough resources to continue to provide a standard of living that best meets one’s needs. Colorado residents who are preparing for a high asset divorce have many aspects to take into consideration. An experienced attorney can provide the expertise that results in the optimal settlement agreement.