It’s not hard to imagine that many readers of this blog post are mid-aged Colorado professionals with significant assets that will require equitable division in an upcoming divorce.
After all, divorce is a relatively common event, both in Colorado and nationally. And the Denver metro area-based source of the following information notably reaches out to a family law audience, which comprises a broad demographic. That group unquestionably includes impending exes with appreciable assets accumulated over many years — sometimes decades — of marriage.
If you’re nodding your head to acknowledge your placement in that group, then this blog is for you.
And it comes with a central theme, namely this: the need for you to comprehensively identify, accurately value and ensure the fair distribution of the so-called marital assets that will centrally feature in your dissolution.
That task is sometimes no big deal for soon-to-be exes, especially those whose marriages were of relatively short duration and not marked by diverse sources of wealth.
You, though, might be different. If you are, say, a professional involved in a lucrative private practice (or your spouse is), a business owner or linked with some other high-paying pursuit, it is a good bet that the assets in your marriage are widely sourced and quite diverse.
Divisible property common in many high-asset divorces
Although it is not necessarily a daunting challenge to deal with property matters in a high-net-worth decoupling, it is certainly no casual endeavor. One comprehensive online overview of high-asset divorce property division duly notes that dividing marital property “can be difficult and stressful.”
Mere consideration of the many asset types and sources goes far toward explaining why. High-income divorcing couples in the Denver area and elsewhere across Colorado must often zero in on marital property like the following:
- Family practice or business
- Real property holdings that might include more than one home and ownership of various land parcels
- Valuable collectibles and memorabilia (e.g., art and antiques)
- Myriad types of personal property, ranging from cars and boats to jewelry and home office equipment
- Checking/savings accounts and cash
- Retirement vehicles, including 401(k) accounts and pension
That bullet list, while lengthy, is hardly comprehensive. Job-linked perks like bonuses, stock options and profit sharing are often spotlighted in high-asset divorces, too.
As noted above, a fair distribution of such wealth requires that it be timely and fully identified in the first instance. Moreover, the dollar value of holdings needs to be accurately determined. And, of course, divorcing couples will ultimately need to come to an understanding – amicable or not – concerning a final distribution of all assets in play.
The stakes can be high. Don’t approach this without experienced guidance.