The Various Means of Complication
High-asset divorce cases can be complex for many reasons, but one of the bigger factors that can complicate the matter is the number of different assets that could be involved in a case. The assets involved in a high-asset divorce go far beyond traditional assets such as money and possessions; these assets can be tricky to work through.
The world is gradually shifting toward an emphasis on the digital world, and that has become true of owning assets. Many people today are buying assets such as cryptocurrencies and non-fungible tokens (NFTs) that do not have a physical location but are rather stored in digital wallets.
Digital assets can pose a unique challenge because of their lack of tangibility. Trying to work through the division of these assets might involve one party having to create a digital wallet to store their share of these assets. In addition, many of these assets have a value that changes relatively consistently, even over a short period of time; it can be difficult to assess a steady value for these assets.
Multiple Pieces of Real Estate
While real estate can be common in any divorce (such as the family home), high-asset cases may involve multiple pieces of real estate that go beyond a residence. It’s not uncommon to see properties such as condos, vacation homes, and property used for rental in a high-asset divorce.
The real estate market can change over time, so assessing a fair value for each piece of real estate can be challenging, especially when it comes time to work through who gets what piece of property.
Stocks, Bonds, Investments, and Retirement Accounts
Many high-asset divorce cases involve large investment portfolios made up of stocks, bonds, mutual funds, and retirement funds. One spouse may not have a portfolio, meaning that person may own something that they’ve never had before. In addition, the market for these assets is constantly changing minute by minute, meaning assessing an accurate value can be difficult.
Many people going through a high-asset divorce own a business, and whether it’s a small business or one that has grown, dividing a business can be rather challenging. Trying to assess a fair market value for the business can take different approaches, and which approach is used to valuate the business can depend on the unique circumstances of the case.
Working with a High-Asset Divorce Attorney
Divorce is already complicated, but high-asset divorce brings its own unique set of challenges. In order to set yourself up for the best chance at success, it’s important to work with a high-asset divorce attorney who understands complex property types. At Friedman & Mirman Co., L.P.A., our team is prepared to help you work through the complexity and come out on the other side better than you imagined.
To learn more or to schedule a consultation, call us at (614) 412-3943 or visit us online.