Divorce can be complex when you consider the need to reach agreements or litigate child custody, support, and the division of property. But when you add in high asset individuals, it can be quite daunting. That is why you need experienced counsel. Our attorneys explain how assets in a high asset divorce are evaluated.
What Is Evaluated?
Pennsylvania is an equitable distribution of property state. Only marital assets will be equitably divided between both parties. However, the court may consider the value of separate assets as their value may affect the distribution of marital assets and/or alimony awarded.
Marital Assets
The first step in the process of dividing assets amongst a divorcing couple is when the courts determine what is considered a marital asset. The courts will look at if assets were acquired before the marriage and if they were a gift from a third party to one member of the couple, an inheritance, or if there are any prenuptial or postnuptial agreements when determining what exactly is considered marital property. With these guidelines, the courts then create a list of assets that will be considered marital assets and will need to be evaluated and equitably divided.
Common Assets Involved in a High Asset Divorce
While common assets involved in divorce often include the home, cars, and debt, high asset divorces may include more complex assets, including:
● Businesses
● Real estate
● Multiple homes
● Multiple vehicles
● Stocks, stock options, or bonds
● Retirement accounts
● Valuable jewelry
● High-value bank accounts
When the total value of marital assets is determined, then the court will consider the equitable distribution factors set forth in the Pennsylvania statutes to determine an equitable division of property. Pennsylvania does not always use a 50/50 split in divorce. The distribution is determined on a case-by-case basis depending on each specific situation and how the court applies the statutory factors.
Asset Discrepancies
During the evaluation of assets, you may notice that something may be missing, such as a vacation home purchased during the marriage, a vehicle purchased in the past few months, or a large sum out of a specific bank account. If you believe that a discrepancy in asset reporting does exist, let your divorce lawyer know immediately, and they will then begin the process to uncover missing assets.
If you believe that your spouse is hiding assets or misreported assets during the division of assets, call our divorce lawyers at (215) 544-3974 to schedule a consultation.
Hidden or Underreported Assets
When reviewing the list of marital assets, you should read through carefully to ensure that all assets are reported accurately. If something is missing, underreported, or the determination of separate property seems wrong, tell your lawyer. They may consult a forensic accountant to help find the missing assets in bank statements or other financial documents, like the vacation home that your spouse may have classified as a business location, or the car that they may have titled in their parents’ name. With the help of a forensic accountant, your attorney will be able to piece together if that property was acquired during the marriage
Montgomery County High Asset Divorce Lawyers
The legal team at Shemtob Draganosky Taylor has successfully handled many high asset divorce cases, advocating for our clients from the discovery period, through equitable distribution, to the finalization of their divorce. As an individual with high valued assets, you may be concerned about your assets and what you will walk away with following your divorce. Our team will help you create realistic expectations and guide you through the asset division process, advocating for your best interests so you can obtain the best possible outcome for your high asset divorce.
If you are undergoing a divorce with high valued assets, you need an experienced team you can trust. Call your High Asset Divorce Attorneys today at (215) 544-3974 or contact us online to schedule an initial consultation.
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