Things To Know About Complex Assets During Divorce

Divorce is always a complicated matter for anyone who goes through it. However, the term ‘complex divorces’ refers to cases that involve complex assets or high incomes of either spouse. Complex divorce cases present many unique issues and so, they are especially challenging. While it is always important to work with a Delaware County divorce lawyer when ending your marriage, it is even more essential when going through a complex divorce.

Common Types of Complex Assets 

Almost all divorces involve the division of property so marital property can be fairly divided. Marital property refers to any assets or liabilities that were acquired by the couple during the marriage. Common types of assets divided during divorce include savings accounts and mortgages. Although these will likely be present in complex divorce cases, there are other common types of complex assets, as well. These include:

• Retirement plans and pensions,
• Multiple real estate properties,
• Royalties,
• Savings and investment accounts,
• Deferred compensation,
• Executive bonuses,
• Inherited property, such as real estate, and
• Commingled assets.

While the above are a few of the most common types of complex assets in divorce cases, there are others that are rarer, but that are just as complicated. For example, if you or your spouse was awarded a personal injury settlement or workers’ compensation during your marriage, at least a portion of it is likely considered marital property. The amount awarded to the other spouse will depend on the portion of the award subject to division during divorce.

For example, you may have been in a car accident during your marriage and received a settlement for your damages. Your spouse may have contributed to your medical expenses and so, is likely entitled to a portion of those damages. Your spouse did not experience your pain and suffering, though, so they are likely not entitled to a portion of those damages. This is just one aspect of property division that makes the matter so complicated, but there are others, as well.

Discovering Hidden Assets 

Complex assets can make a divorce case more difficult, but there are other factors involved in high-asset and high net worth cases, as well. It is not uncommon for spouses to sometimes want to shield certain assets from property division and so, they hide them. They may sell, gift, or otherwise transfer property so they no longer technically own it. If your spouse has hidden assets, you may think there is nothing you can do, but that is not true.

A lawyer with the necessary experience can recommend ways to discover hidden assets, such as consulting with a forensic financial expert. A lawyer can also ensure that you do not overlook assets in your financial affidavit. Even a small, innocent mistake can result in serious consequences and an attorney can help you avoid them.

Our Divorce Lawyer in Delaware County Can Help with Your Complex Assets 

If you or your spouse has complex assets or a high net worth and you are now ending your marriage, you need sound legal advice. At Barbara Flum Stein & Associates, our Delaware County divorce lawyer can provide it. We can help you discover hidden assets, guide you through the process, and ensure you receive the full settlement you are entitled to. Call us today at 610-565-6100 or contact us online to schedule a consultation and to get more information.

Sources:

legis.state.pa.us/WU01/LI/LI/CT/HTM/23/00.035..HTM

legis.state.pa.us/cfdocs/legis/LI/consCheck.cfm?txtType=HTM&ttl=23&div=0&chpt=33&sctn=1&subsctn=0