When it comes to divorce, the more assets in play, the higher the stakes. In an ideal world, couples going through the divorce process work together to finalize their separations in a timely manner. In reality, high-asset divorces often take longer to resolve because of the high emotions and conflict.
The goal of the court is fair property division. When people have assets that they do not want to divide with their partner or feel they should have, it may lead to the following contentious legal issues.
Not honoring the prenuptial agreement
Contrary to popular belief, some prenuptial contracts are not legally binding. To ensure enforceability, prenup agreements must meet certain criteria. Common reasons for successfully breaking prenuptial contracts include coercion, lack of a written contract and fraud. Challenging a prenuptial contract is not an easy feat and requires just cause and supporting evidence to prove it is invalid.
Providing conflicting financial information
Part of the divorce process requires both parties to provide a full accounting of their assets. Some spouses are not honest and may purposely withhold information about their business holdings, retirement and bank accounts, stocks, real estate, tax records and other assets.
Not obtaining valuations on business and high-value assets
To determine who receives what in divorce, the courts look at the value of assets. It is crucial to get an accurate appraisal of all high-value items, especially those involving business, stocks, inheritances and property to ensure the courts award them fairly and in accordance with the rules of equitable distribution.