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The challenges of a high asset divorce

Most people in Kentucky may agree that there is no such thing as an easy divorce. In fact, some are significantly more complicated than others. Any person who is considering a high asset divorce may want to prepare for the challenges it might bring. When high net worth couples decide to end their marriages, there are more assets to divide, often leading to fierce courtroom battles that can prolong the process.

One scenario of potential conflict is a family business in which each spouse played a role. Contention may arise about the division of the company, and each party will likely want an independent valuation of the assets. To bring about a balanced and fair distribution of the business, all its assets will have to be examined, and an evaluation of each spouse's proportional contribution will be required.

Further issues that could complicate the process include 401(k) plans, IRAs, pensions, stock options and other retirement assets that are jointly shared. Trusts, non-family partnerships and real estate may also come into play. In some high net worth divorces, it is necessary for both spouses to also investigate the possibility of hidden assets. It is not uncommon for valuable assets to be transferred to third parties or for one spouse to fail to reveal some financial information.

While it is certainly possible to avoid litigation and pursue mediation or collaboration, it is highly unlikely for the parties involved in a high asset divorce to resolve their issues through communication. Each party will want to make sure his or her interests are protected in a manner that will secure post-divorce financial stability. The most appropriate way to achieve that may be with the support and guidance of an experienced Kentucky divorce attorney along with professional resources such as financial advisors, tax planners, real estate brokers and other professionals.

Source: investopedia.com, "Why are high net worth divorces considered more challenging than other divorce cases?", Accessed on Aug. 25, 2017

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