North Tampa Legal Group, PA

Accounting for all assets in high net worth divorces

On behalf of North Tampa Legal Group posted in divorce on Friday, July 8, 2016.

When a couple with a high net worth divorces, there are many more opportunities for mistakes on either side. The high value of the property involved can make it tempting for one party or the other to be less than forthcoming about the nature and size of all the relevant assets. While divorces area almost always difficult, committing to honestly and fairly dividing all the relevant assets is one way to keep the proceedings fair and civil for everyone involved.

Sometimes a spouse anticipating a divorce will attempt to preempt asset division by transferring high-value assets to a third party. In the eyes of the law, this kind of maneuver is considered fraudulent and can result in not only civil charges but also loss of credibility in the eyes of the court which will be presiding over the divorce proceedings.

In other cases, one or both parties may accidentally fail to account for all of the relevant assets and liabilities. Most divorce proceedings will entail filling out financial affidavits and other financial documentation. Failing to properly document all property can cause emotional and financial difficulties down the road if an individual is accused of hiding assets in the course of the divorce proceedings. Contrastingly, an individual may be saddled with a liability which should not be strictly his or hers to carry. The assistance of an experienced divorce attorney can help sidestep some of these complex issues before they have the opportunity to arise.

In any divorce proceeding, especially those involving significant net worth, it is always advisable to put the time and resources into investigating all of the assets that may be relevant to your particular situation, especially those that may not be readily apparent.