When Alabama spouses decide to get a divorce, there are many questions to be answered. In a high asset divorce, perhaps the top issue to be decided is the property division between the spouses.
Indeed, the more property and business assets a person owns, the higher the stakes when it comes to dividing those assets. For instance, a pharmaceutical businessman and his wife recently filed for divorce after 43 years of marriage. The man is estimated to be worth $1.6 billion, but the divorce is leaving questions about how that fortune will be distributed.
In some cases, individuals with net worth over $1 billion have come out of a divorce with not much effect on their fortune. In others, the divorce has diminished the person’s fortune drastically. The key lies in the settlement the spouses reach.
Generally, there is room for flexibility in a couple’s settlement. For instance, if a person wants to maintain his or her business, it may be best to negotiate so that the other spouse keeps the house. By negotiating, a person may be able to keep the business they have worked so hard to build up.
Another significant part of this process is asset valuation. The more assets an individual has, the more the person needs to have a qualified attorney who has asset valuation experience. This is even more true when a person owns a business, as it is essential to be able to properly value the business and keep it intact after a divorce.
Source: Forbes, “Will divorce knock Stewart Rahr off billonaires list?,” Caleb Melby, Dec. 4, 2012