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2 common issues that plague high-value divorces

One thing that many high-asset couples do not consider before starting the divorce process is how complicated their situations can become. Having many assets and more money does not mean their separations are going to be easier to finalize, although it is possible for high-value couples to remain amicable while embroiled in bitter divorce negotiations

High-value divorces often encounter challenges when it is time to divide the wealth. Anyone who is part of a high-value marriage should anticipate the likelihood of issues arising during their divorce. They should also consider the following information about high-value divorces. 

1. More assets, more problems 

Colorado is an equitable distribution state. Some higher earning spouses use it as leverage in their divorces. If there is not a valid prenuptial agreement in place, both parties in a divorce are likely to spend some time in disagreement about the division of their marital property. The longer it takes them to agree, the higher their divorce costs. 

2. Disappearing assets 

Some spouses in high-value relationships hide assets. Hiding assets is unlawful and can have an adverse impact on divorce settlements. Common hiding asset tactics include delaying bonuses and raises, giving loans, transferring ownership of assets and properties to uninvolved parties, cash purchases until the separation is finalized. Usually, the spouse who is in charge of the couple's finances or businesses resorts to relocating their assets. 

When the party who is not hiding assets is unable to discover them, they cannot receive a fair divorce settlement. To prevent this from happening, the courts can use the discovery process to find hidden income, properties, businesses and other assets. Spouses who hide assets risk their spouses getting a bigger allotment in their divorce settlements and contempt and criminal charges which carry additional penalties. Divorce attorneys with experience in high-asset divorces usually have access to resources that can enable them to uncover hidden assets, such as forensic accounts and private investigators.

It is possible for high-value divorces to be amicable even though there are issues with dividing up the marital property. Anyone who is involved in a high-value relationship and contemplating divorce should speak to an attorney for guidance and to learn options to protect their assets.

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