Types of Assets Found In High-Asset Divorces
A high asset divorce refers to a type of divorce where the married couple retains a higher than average worth of assets. Here, the number of assets is so much that it complicates the divorce process. Several types of assets are found, and some of them are unique to high-asset divorces.
If you are unsure about the number of assets you share with your spouse or how to divide it, a high asset divorce attorney can assist you.
Types of assets found in high-asset divorces
- Digital assets.
The world is progressing, and everything is digitized nowadays. The popularity of digital assets is at an all-time high. Digital assets like cryptocurrencies and bitcoin are not physical assets, and thus your spouse can hide them more easily. This poses unique problems to your case. Since these assets are particularly more difficult to trace, you will require the help of an attorney who has handled similar cases before.
- Real estate.
Real estate, including family homes, is found in almost all divorces. However, high-asset divorces can have a higher number of real estate. Private resorts, beach houses, rental properties, and land are common real estate in high-asset divorces. If the property is individually owned, it goes to the specific owner after the divorce. However, if there is shared ownership, there are a few ways to divide it.
- Selling the property and dividing the value.
- One spouse buys out the other spouse’s share.
- Splitting the income received from rental properties.
- Investments.
Dividing investments is one of the most complex tasks in a divorce. Investments are used as a way of storing capital, increasing wealth, or helping someone make a life of their own. One of the most common investments is the 401(k) retirement plan. In a divorce, even your retirement plan is subject to division. Therefore, you could lose a big chunk out of your retirement savings, which is never easy.
- Businesses.
Owning a successful business might be a dream of many, but it can be a nightmare when one is going through a divorce. When you own a business, it is imperative that you sign a prenup with your spouse. While the subject of a prenup might be difficult to bring up, it can protect your future finances.
Businesses are subject to division in a divorce. Even if your spouse has not contributed anything towards the building or success of the organization, they are still entitled to a share. Giving out a part of your business that you worked hard for can be difficult. It is suggested to hire an attorney to ensure your rights are protected.
