Ending a long-term relationship is never easy., especially if you have been married and spent most of your time with your spouse. The challenge is when you and your partner share a high volume of expensive marital assets.
Due to all the emotional stress and trauma, you might miss considering some of your assets, or you might not even be aware of something that is considered a marital asset at the time of divorce.
If you are involved in a high asset divorce, there is too much at stake. The first thing you should do is contact a Delaware divorce attorney so that you are well aware of everything you need to keep in check.
Assets involved in a high asset divorce
- Back accounts
Bank accounts are a prominent part of the assets owned by a married couple. Banks are divided between spouses in a high asset or a legal divorce. However, many misunderstand that only joint bank accounts are divided during asset distribution.
Separate bank accounts are also distributed during a high asset divorce. For example, if the spouse had a different bank account before marriage and the name was added later, it can be divided during a divorce.
- Real estate
Next in line is the real estate property shred by the married couple. Now the challenge in real estate properties is sometimes an emotional sentiment is attached to a property like a house. So it becomes challenging for the court to decide on its owner after divorce.
Other factors like child custody and child support also affect real estate distribution. For example, if staying in the same house is suitable for the child, the house will be granted to the parent who will gain custody.
- Businesses
A high asset divorce mainly involves a shared business or multiple businesses. The distribution of these businesses depends on factors like, who put more effort into running the business, or who has more potential to run the business.
These businesses’ future can depend highly on the spouse’s ability to run them. Sometimes, one spouse buys the other business shares during a high asset divorce.
- Stock portfolios and bonds
Some people also invest in stocks and other bonds. The main concern of these assets is how they will be divided. In a high asset divorce, sometimes one person has invested in these assets even before getting married; however, at the time of distribution, stocks and other bonds might be considered a marital asset.
