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Some assets might be liabilities in high-asset divorces

Posted on in High Asset Divorce

 b2ap3_thumbnail_high.jpgWe recently discussed how a divorce can impact your credit. That is only one aspect of your life that you need to think about when you are going through a divorce. If your divorce is a high-asset divorce, you have to think about how your future financial status is going to be affected by the divorce.

There are various points that we will consider when you are going through a divorce that involves businesses, investments, retirement accounts, and other holdings. Each of these assets presents a dilemma for your case. The dilemma is that you have to be able to determine the value of the asset, as well as its liability. The last thing you need is to end up with a bunch of assets that are actually more of a financial liability.

When we work to determine the value of the assets that must be divided, we look past the asset itself. We consider what it is worth, as well as what expenses might come with it. This can help us when it is time to divide marital property.

For example, you might want to keep your vacation home. If the vacation house could sell today for $250,000 but your mortgage on it still has a balance of $275,000, keeping the home might not be in your best interest. This is because you have to think about mortgage payments, property taxes, upkeep, and any other expenses associated with the house.

By considering all of the numbers for each "asset" you and your spouse hold, we can help determine what property division settlement points you need to negotiate. This might be straightforward in some cases, but it isn't so easy to figure out in other cases. We can help you sift through everything to come up with a plan that serves your best interest.

Tagged in: High Asset Divorce
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