Every divorce has a lot of different issues that may need to be addressed. Child maintenance, spousal support and property division tend to take up the majority of focus.
Sometimes, matters can be resolved fairly swiftly with little cause for concern. On the other hand, spouses may be at odds with one another and willing to battle it out in court. When divorces involve a lot of money and assets, the situation can become even more complex. Outlined below are some key reasons why high-asset divorces are so unique.
Property division can be more complicated
The courts in Colorado allocate property during a divorce based on a system known as “equitable distribution”. Essentially, this means that after considering the circumstances of each spouse, the marital property will be divided in a manner that is fair to all parties.
In a standard divorce, there may only be one or two large assets to take into consideration, such as the family home. By definition, a high-asset divorce means that more property is at stake as well as potential business assets and savings.
At times, property in a high-asset divorce may require specialist knowledge before it can be accurately valued. For example, the courts alone may struggle to obtain the value of a fine art collection or other specialized items. Circumstances can also become much more complex when the property has been obtained overseas.
Concealed assets are a distinct possibility
By law, parties to divorce proceedings are required to declare their assets for examination. This can make one or both spouses uncomfortable, particularly if they have been the primary earner during the marriage. The motivation to hide assets generally stems from an unwillingness to divide them in the divorce.
As you negotiate a high-asset divorce, it is important to consider the nuances of the procedure. Having a firm understanding of your legal rights in Colorado could ensure the best outcome for your case.