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Michigan law requires that couples who choose to divorce divide their property equitably. While this process is often relatively straightforward for couples who have only been married for a short time and have not yet accumulated extensive assets, it can be extremely difficult for couples with a variety of financial interests, so if you and your spouse have been unable to come to an agreement outside of court regarding property division, you should consider contacting a high asset divorce lawyer who has the experience and resources to ensure that your property is valued correctly and divided equitably.
Couples with extensive assets often face especially difficult hurdles during divorce proceedings. For example, a couple may share an interest in a business, in which case, the company will need to be valued and divided. While it is possible for two parties to continue to work together after obtaining a divorce, it is not particularly common and often leads to further contention and may even cause the business to suffer. Furthermore, properly valuing a business requires an in-depth analysis of financial records to determine the value of both tangible and intangible assets. Tangible assets include inventory, equipment, and cash, while intangible assets refers to patents, trademarks, and goodwill. Valuing all of this property requires assistance and can be time-consuming if left in the hands of those who are not experts in the field.
Business interests are not the only asset that must be divided equitably during a divorce. Many couples with significant assets own multiple vehicles, real estate, antiques, artwork, jewelry, multiple bank accounts, investments, retirement accounts, and pensions. Identifying all of these assets is difficult in and of itself. However, once this has been achieved, courts still need to determine whether the assets constitute marital property or separate property. Unless the assets were owned prior to the marriage, they will most likely be considered community property and will need to be divided. For this reason, proper identification of an asset and its source are critical to a fair division of a couple’s property. Additionally, these assets will also need to be valued by investment experts, antique dealers, jewelers, and other specialist appraisers before they can be divided. This can be a frustrating and difficult process if handled improperly.
Unfortunately, it is not uncommon for one spouse to attempt to hide assets from the other in an effort to avoid distribution during a divorce. It is also easier for thing to get lost in the shuffle when a couple has a variety of financial interests, especially if a case is not overseen by a professional. This can have devastating consequences for parties who do not receive full disclosure of the other spouse’s assets.
At Iafrate & Salassa, our legal team is dedicated to ensuring that our clients receive a fair settlement upon divorce. If you are going through a divorce, feel free to call us at (586) 263-1600 to have your case evaluated by a Sterling Heights high asset divorce attorney.