A marriage can end for many reasons. Some divorcing couples in West Virginia feel even more stressed out if they’re in a high-asset divorce. This type of divorce happens when one or more parties in a marriage own a significant amount of money or other types of assets. With that in mind, here are three ways high-asset divorces differ from a typical divorce.
Support calculations
If a divorcing couple had children together, support calculations are pivotal parts of the divorce process. These calculations help ensure that each party in a divorce pays their fair share. If one parent is wealthier than the other one in a high-asset divorce, this person could be paying the other parent quite a lot of money.
Business valuation
If a divorcing couple has no companies in their names, there’s no need for anyone to worry about business valuations. However, this changes when a company owner is in the midst of a divorce. During this time, a business owner must get a fair business valuation to know how much the company is truly worth.
Hiding assets
It’s understandable to hope that both parties in a divorce would be honest about the assets they brought into their marriages. Unfortunately, that doesn’t always happen. It’s not uncommon for someone in a high-asset divorce to attempt to hide assets from the other person. Of course, this is illegal and not advisable to do.
To wrap things up, certain factors become much more important in a high-asset divorce. With so much on the line, it’s a must for anyone in this type of divorce to get fair valuations and never attempt to hide anything from the other party.