Some individuals going through a divorce might have a high net worth. They might have lots of assets. From trust assets, business interest, vacation properties, investment and retirement accounts, those going through a divorce with lucrative assets might have lots of concerns. Collaborative divorce can help individuals with a high net worth.
Individuals with substantial assets often want to resolve their divorce privately outside of court. They do not want to have litigated proceedings in the family court. They might not want others to know they are even getting a divorce.
A collaborative divorce can be a good option for an individual to consider for high net worth individuals. In collaborative divorce, a financial neutral can be employed to help the parties working through the finances.
If there are trust assets, they can look at those assets and determine the value. The same can be true for business interests. Those divorcing with business interests often need a business valuation conduct to determine the fair market value.
The financial neutral can also look into tax considerations. For example, depending on what assets or liabilities a party may take as part of a divorce settlement, there can be tax concerns.
A divorcing party might have brought into separate assets prior to the marriage. This can be common with retirement accounts, investment accounts, business interests and other assets. The financial neutral can often trace these separate assets. This allows parties to receive what was their separate property prior to the marriage.
Parties who have high assets have to be careful the finances are thoroughly vetted when going through divorce. While they may want to settle, ensuring that the financial details are analyzed carefully. The collaborative divorce is particularly suited to helping individuals in this situation.