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Finding and appraising assets before finalizing a divorce

It may seem like such an obvious thing to do, but in the throws of divorce, one may not think about ensuring all assets have been accounted for or that they have been properly valued. For those in Maryland or elsewhere who are dealing with high-asset divorce cases, this is something that is particularly important. Those in such situations may have assets spread out in numerous places, so finding and appraising everything may seem difficult and time-consuming. However, in the end, it may all seem worthwhile.

It is not uncommon for high-net-worth couples to have rather diverse portfolios. Not only do they tend to have money invested in various ventures and investment accounts, they may also have valuable collectibles, multiple real estate properties and various other assets that are of substantial value. This generally means that both parties should be able to walk away from the marriage financially secure.

The problem in many of these cases, though, is that both spouses may not be aware of what assets they actually have, how much they are worth or how they can be located. What can one do if he or she feels that his or her spouse is hiding marital assets? This is where forensic accountants and other financial experts may be of value. Through completing a thorough investigation, people in this position may be able to uncover and appraise any hidden assets.

Divorce is difficult, and it can feel like it is dragged on long enough without having to prolong it for the purpose of completing a financial investigation. However, the extra time it takes to uncover and value assets may seem minor compared to what may be lost if accounts or properties are left undiscovered. Legal assistance is available to help those in Maryland who are working through high-asset divorces. With the assistance of counsel and financial representatives, it is possible to achieve a fair and balanced property settlement.

Source: Forbes, "When The Wealthy Divorce, They Regularly Engage Forensic Accountants", Russ Alan Prince, Sept. 22, 2015

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