No one ever imagines when they are planning their wedding that they will be divorced down the line. Dissolving a marriage is an extremely painful, arduous, and taxing experience on every one involved. When the couple that is divorcing is a high-profile couple, has a high net-worth and there are a lot of assets to divide, the tendency is that their divorce will be much uglier than most.
If you are considering a divorce in which the division of more assets than average will be divided between the two of you, prepare yourself for a fight. Unless there is an air-tight prenuptial agreement in place clearly outlining your property division, alimony, child supports, etc., you divorce will likely be a long one involving many moving pieces. If you are considering getting a divorce in the future, it would be wise to consult with an attorney before bringing your feelings to the attention of your spouse.
One of the most crucial aspects of a high-asset divorce is the process known as discovery. During discovery, each side will request interviews, totaling of assets, and anything else that could reveal the marital assets.
In the event that you and your spouse decide to dissolve your marriage, there are many different types of assets that will be divided between the two of you. Here is a brief list of some of the assets that will need to be highlighted for division in discovery:
- real estate and property
- vehicles including cars, boats, motorcycles, dirt bikes, boats, mobile homes, etc.
- stocks, bonds, and savings
- furniture and artwork
- retirement and insurance plans
- anything of value
In many cases, things like property end up being liquidated to make the division simpler if the couple cannot reach an agreement on tangible division.
It is not uncommon in high asset divorces for one or both spouses to attempt to hide certain assets during discovery to prevent the other spouse from having access to those assets. Some examples of assets that may be hidden from discovery include:
- off-shore bank accounts
- business assets
- property interests
- off-shore investments
Again, if you are considering a divorce, it would be wise to consult with an experienced divorce attorney before bringing your intentions to your spouse’s attention. This may give you the upper-hand and prevent your spouse from being able to hide assets in discovery.