Did you know that there is actually an Asset Divorce? We all know that when you hear the term divorce, that is just basically ending your marriage done in a legal manner. But when you say, asset divorce, this is way more complicated than you ever imagined. Why is that so? Having a client that wants a divorce but has multiple assets worth millions is not a simple case of divorce at all. This is because the arrangement on both parties should be agreed upon and reviewed accordingly before the divorce is granted. As a divorce lawyer, this is really one of the hardest divorce cases to handle.
But why is this difficult in nature? First of all, if you own a lot of properties and if you have a business, getting married means your spouse has already rights over your assets because that is conjugal under the marriage law. But the thing is that, how are you going to divide the assets in a way that you will have more from it since it was actually you who made the company grow? It was your money you used to pay for your properties. Is it unfair? What if it was your fault why the divorce is filed by your spouse? Will your spouse have more rights over the assets? What if there are pre-nuptial agreements? What if the business is owned and managed by your spouse and you are just a stockholder? How about the income liability? How about the existing financial issues? What if you want to sell your business? Will this be a lot easier for the divorce or will this just make things more complicated? There are a lot of concerns if you own millions worth of assets or multiple assets and want to file a divorce. This is a very difficult case to handle for lawyers especially if you are at fault. Who will own what? Who will sell what? What will happen to the business? What will happen to the company’s receivables? Will this be divided, too?
As a divorce lawyer, you need to see all angles. You just don’t look at the list of assets and its values. You need to look beyond how these assets were acquired, there current status and other issues involved in these assets. You just don’t rely on your own assessment. You also need the expertise and advise of an accountant especially when it comes on the business side. You also seek for appraisal services for properties that need to have monetary value for easy monitoring? Will there be a bid? Will a counter offer to the spouse suffice? How do you package the offer so that the spouse will just agree on it?
As to the husband or wife who have multiple assets, find an experienced divorce lawyer who is actually expert in handling asset divorce. This is your only way to get things done fast without having too much on your plate and also to make everything private and resolving it fast by the help of an expert divorce lawyer.