Divorce as a life event represents a significant emotional and spiritual process that often includes strong emotions like anger, fear, and resentment.
As a legal process, its complexity can vary. In some cases, spouses have no trouble reaching an agreement on some of the most crucial issues related to divorce, such as child custody, marital property, debts, etc.
However, it is far more often that a dispute arises exactly around those and several other issues. That demands a complex legal procedure involving spouses, their attorneys, and numerous experts from various fields.
For a divorce to be complex, it usually must include a high net worth of marital estate, large family businesses, significant debts, and child custody issues in case of combative behavior of spouses.
In general, the marital estate includes assets and liabilities acquired during the marriage. Bearing that in mind, it is worth noting that not all assets acquired during the marriage fall into the category of the marital estate. There are exceptions such as gifts, inheritance, and property gained before the wedding.
But that’s when things get more complicated. Firstly, the process of tracing the original property value can be tangled and require the help of property valuation experts. Namely, the value this property has gained throughout the marriage is also part of the marital estate.
When it comes to real estate and commercial property, determining the fair market value is essential. Establishing the net worth of the property requires the deduction of any outstanding liability on the property. Of course, this also requires the involvement of property valuation and financial experts.
The same applies to cases of business interests valuation in jointly held businesses by the spouses. Determining who contributed more money and energy into a closely-held family business can be time-consuming and financially draining.
Additionally, there are complex debt issues involved that require the assessment of debt distribution and tax implications. That is vital in the case of assets and investments in other countries.
Resolving complex divorce disputes is usually entrusted to a judge and a jury in litigation. On the other hand, there are alternative methods such as mediation. Both procedures have their pros and cons. Often, the choice between the two is up to the disputing parties and their preferences. One of the reasons why mediation is a better alternative is that various aspects of personal and financial life become public in litigation. Contrarily, a mediation procedure guarantees confidentiality in that regard.
In either case, when dealing with complex divorce, it is crucial to seek a lawyer knowledgeable and experienced in high-end divorce cases. Divorce specialists’ expertise is decisive in handling various business, property, and tax issues typical for high net worth divorce cases.
Besides, coordinating between numerous experts and their case valuations requires in-depth knowledge from various fields of expertise. Understanding complex tax issues, business value assessments, and forensic reviews are critical for representing the client involved in a complex divorce case.
For that reason, choosing a complex divorce specialist is an indispensable precondition for a successful and painless divorce.
