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What you need to know about high asset divorce

Going through a divorce can be one of the most emotionally draining ordeals in life. Here is a person you shared a home and a life with who now sits opposite you, ready to haggle over the painful details of a split: who gets the children, who gets the house and even who gets the clock in the living room. Add millions of dollars in assets to that dispute and you've got a recipe for disaster.

In the chaos, many make mistakes that can cost them dearly throughout the proceedings, both emotionally and financially. With that in mind, there are a few vital areas where having a little knowledge will give you an advantage in the situation.

First, when equity positions or pre-IPO stock is split, transfers of ownership, sales and contingencies around distributions should all be taken into account. Second, many forget to factor life insurance policies into the equation. Unlike auto and home insurance, life insurance is an asset and, depending on several factors, is considered such when you divorce. Lastly, considerations of lifestyle become of utmost importance when talking about high dollar divorces. A complete forensic accounting of where and how money was spent in the marriage is key to arriving at a fair amount, especially when one spouse earned significantly more than the other.

As you can see, high asset divorces are vastly more complicated and having a trained lawyer on your side can be a vital part of reaching a fair conclusion and moving on with life.

Source: forbes.com, "Getting The Most From A High-Dollar Divorce," Russ Alan Prince, Dec. 1, 2014

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