The division of assets in a high asset divorce can quickly become a complicated process when it comes to business ownership, stock options, and the ownership of multiple properties. Pennsylvania is an equitable distribution state, which means that anything deemed marital property may be subject to distribution between both spouses. A judge will use many criteria in determining this asset division, including:
- The amount of time the couple was married
- The ages and physical health of each spouse
- The income potential for each spouse on their own
- The standard of living established with the marriage
Understanding the complicating factors
With high asset divorces, the assessment, valuation, and logistical consequences of asset division can create a much more elaborate process for asset division. Here are some of the concerns when going into such a high asset divorce:
- Business ownership: It is necessary to establish a reasonable valuation of a company and any relevant stock options (depending on whether they are transferable or vested), ownership rights, etc.
- Retirement funds/pensions: There are many tax implications of dividing a retirement fund, which requires particular legal knowledge.
- Multi-state properties: If a couple owns property in multiple states, those properties may be subject to different jurisdictions as it relates to the divorce and asset division.
- Taxation: There could be many consequences from a redistribution of assets amongst
Simplifying a complicated time
Pursuing divorce is a difficult time for anyone, especially if that person is considering the extended time it will take to settle a divorce with all of its necessary considerations. If you’re thinking about a divorce, contact a divorce attorney who specializes in high asset property division.