Divorcing residents of Pulaski County, Arkansas, might agree that besides child custody or monetary spousal support, property division is among the most contentious divorce issues. Matters can result in even more conflict if one spouse has considerably higher assets because the financial stakes become much higher for the other spouse. High assets could be in the form of cash, stocks and bonds, businesses and properties. Often when so much is at risk, many spouses try to hide assets from each other.
If an Arkansas resident with considerably high assets chooses to hire the Worsham Law Firm, PA, for legal representation during the divorce process, one of our firm’s attorneys will first try to discover any hidden assets. According to Arkansas law, hiding assets is illegal during a divorce proceeding. Therefore, discovering those hidden assets can provide a huge advantage to the spouse who may have been otherwise cheated out of those assets. Since uncovering hidden assets is not an easy task, experienced lawyers employ experts who know where to look so all assets can be brought to the table for fair division.
The next step after discovering hidden assets is business valuation, because the secret behind many high net-worth couples is often a successful family-owned business. However, claiming part of a business may not always be a wise decision in a high-asset divorce. Separating spouses can instead decide on hiring an experienced law firm, such as Worsham Law, with divorce attorneys who know how business valuation works and understand whether the client’s interests would be best served by retaining the business as a part of property division or selling the share to the other spouse.
In addition to these factors, retirement accounts and investments are aspects of a high-asset divorce that no spouse should ignore. In fact, in many marriages, these accounts constitute the largest share of assets. Many spouses know this, but even if they don’t, our experienced attorneys will fully disclose all options for spouses regarding division of investment and retirement accounts. For further understanding of our services, please visit our webpage about high asset divorce. Little Rock residents may find the information valuable.