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Lifestyle consideration and hidden assets in high dollar divorces

Getting a divorce can be an emotional roller-coaster. When the divorce involves hundreds of thousands or even millions of dollars, it can add an extra level of stress and drama to the process. If there is a lot of friction between the couple, it is not uncommon to see one or both parties act in an irrational way or even do something that is detrimental to their own financial interests.

One of the most common mistakes individuals often make is failing to consider their lifestyle from when they were married. While the cost of maintaining a type of lifestyle is often discussed, it is sometimes not treated with the seriousness it deserves. The analysis of the couple's lifestyle should be a big part of the divorce process, particularly when there is one spouse that was the primary breadwinner and the other one was not. Knowing how, when and where the money was spent, while a couple was married, can assist in helping both of the parties to reach an equitable arrangement.

Another mistake that is often made during a divorce is not taking a partner's life insurance policy into consideration. Although a life insurance policy is actually considered an asset, many people think of them instead as a type of insurance similar to the coverage they have on their automobile or house.

Unfortunately, in many cases, one of the spouses may not realize that the other has accumulated a good deal of value in their life insurance policy and it may not even be thought of during the divorce process. Because of this and other possible financial matters, individuals who are involved in a high asset divorce may find it to their benefit to learn more about the divorce process and asset distribution as it pertains to their case.

Source: Forbes, "Getting The Most From A High-Dollar Divorce," Russ Alan Prince, May 06, 2015

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