As the divorce process can be overwhelming, it is easy to let things slip through the cracks if one is not careful. Focusing on getting things finalized rather than the finer details of the final settlement is just simpler than going over every single thing. For instance, in a high asset divorce, sifting through assets, obtaining proper valuations and ensuring all assets are accounted for can be a long, drawn-out process, which may not seem worthwhile when one just wants to move on with his or her life. However, if you are going through a high asset divorce, whether in Pennsylvania or elsewhere, this is something that cannot be overlooked.
High-net-worth couples usually have diverse portfolios. They not only have money invested in various accounts and ventures, but they also tend to have valuable collections, multiple pieces of real estate and other assets of substantial value. In divorce cases like this, both parties should be able to walk away from the marriage pretty financially secure.
There is a big issue with high asset divorce cases, though; usually, only one spouse is aware of all the marital assets, where they are located and their current values. Sadly, some assets are really easy to hide. While it is illegal to do so, it does happen. Forensic accountants and other financial experts can help ensure all assets are accounted for and that they are properly appraised before the asset divisions phase of the divorce process is finalized. To learn more about this topic, please visit our firm’s website.
Failing to uncover any hidden assets or having assets appraised will only hurt you in the long-run. You may end up walking away with less than you are entitled to receive according to the laws of Pennsylvania. So, love it or hate it, a high asset divorce, due to the financial investigation needed, will simply take more time than a standard dissolution of marriage filing. However, with the assistance of legal counsel and financial advisors, this process can be completed as swiftly and smoothly as possible.