When you’re in the process of obtaining a divorce, there are a lot of details to worry about. In fact, other than custody and visitation of children, the division of your assets is probably the most important issue you face. If you and your former spouse are going through a contentious divorce, that can make the asset division process much more difficult. What if your spouse is hiding assets? What if he or she is lying about the value of non-financial assets, such as fine art?
The truth is that the more assets your family has, the more complicated your divorce will likely become. That’s why it is critical that you work with an experienced divorce attorney.
Your attorney can help you verify the existence and value of assets, ranging from retirement accounts to real estate to a closely-held company. Deciding who receives what property during a divorce is much simpler when all of your assets have been professionally assessed and evaluated. Thankfully, working with an attorney can help simplify and streamline the often complicated process of putting an accurate value on the various assets your family has accumulated throughout your marriage.
Outside professional help is the ideal form of valuation
As your attorney will likely tell you, allowing your former spouse to estimate the value of non-financial assets is a major mistake. It’s possible to intentionally under-value property in order to obtain a more favorable divorce decree. Colorado is a marital property state, which means that assets accumulated during the marriage should be split fairly and evenly between spouses, regardless of any potential income discrepancy. This means that you should be receiving a fair divorce settlement that includes half of all assets, including real estate property, valuable collections and retirement savings.
The best way to determine the value of your marital assets is to have professionals provide a value estimate. A property assessor, for example, can determine the worth of your real estate, while other professionals can help determine the value of collections and non-traditional assets. In cases where it’s possible your former spouse is hiding assets, a forensic accountant could help. Your divorce attorney can connect you with trustworthy professionals who can help place a numerical value on the assets from your marriage.
Working with an attorney is important in high asset divorces
As noted above, the more assets your family has, the more complicated the division of assets can be during a divorce. The best way to protect yourself and your financial future during a divorce is to work with an experienced family law and divorce attorney. He or she can help ensure that you receive what is legally yours and can establish appropriate values for your various assets.