Property division issues can sometimes get complicated, even in uncontested divorces. For example, how should a partnership interest in a business be handled? Or, what about more complex investments in venture capital funds or hedge funds? In many cases, financial planners and attorneys with a focus in this area can help spouses to work through more complicated asset division issues in a fair and equitable manner.
Business Interests
Sometimes, a divorcing couple owns a business together, and they do not wish to continue to do so once the marriage ends. If one spouse is willing to buy out the ownership interest of the other, the matter is resolved. However, if this is not a practical solution, such as in a start-up company, a financial professional may devise a means for allocating shares in the business to each spouse. Then, whether the business goes on to become very successful or it fails, each person knows that their interest in the enterprise has been properly accounted for in advance.
Hidden Assets
Even in seemingly uncontested divorces, one former marriage partner may be tempted to hide assets during the divorce process. It's important to watch for interest-free loans to family members that are really a means for "parking" assets until after the divorce. In other cases, a spouse may have another family member make a large purchase with his or her money. Then, after the divorce, that spouse may recover that expensive asset to retain or to sell. Jewelry purchases can occasionally fall into this category.
Finally, certain assets that are not liquid can be addressed through documents that address their disposition over the long-term. Again, financial planners or attorneys focused in this area can be helpful in addressing what are often called illiquid assets.
In some divorces, the division of marital assets, even when there is a mutual desire to do so in a fair and equitable manner, can prove to be quite daunting. However, professionals focused in this area can help to make this part of the divorce process to go more smoothly. To speak with a Baton Rouge divorce attorney about your questions, please contact us today.
Categories: