High asset divorces have potential to linger unresolved

| Jan 29, 2014 | Divorce |

Divorce can be painful, emotional and sad and even malicious. Since divorce is such a difficult emotional barrier to cross, there is a good likelihood that it may provoke ill will. Divorce is the ending of a relationship, the ending of a union that was thought to last forever; that is a lot to deal with on an emotional level. For some Michigan couples, a relatively amicable divorce may be possible. However, even the most amicable of divorces can experience trouble if lots of money is at stake.

There is a big difference between middle-class people getting a divorce and divorces between those with substantial income or assets. Due to the amount of money and property involved, the divorce legal issues that exist in a high asset divorce tend to be magnified.

Billionaire Steven Cohen and his wife are still in the midst of divorce proceedings. Apparently, the ex-wife filed a suit against Mr. Cohen claiming that he did not properly disclose funds that were generated from the sale of property which may have been acquired during the marriage. As such, the wife is looking for this situation to be rectified via the courts. The couple divorced in 1990 and the legal issues of that divorce have still not been completely resolved.

The length of a divorce varies depending on how contentious the divorce is and how willing the parties are to work together in spite of any contention. However, as witnessed from the Cohen divorce, proceedings can last for a long time. Ideally the parties involved in a divorce are completely honest and provide the proper information to the courts so that the divorce can be as smooth as possible. This may be easier said than done, though, for those who are participants in a high asset divorce.

Each state has divorce statutes that guide the parties as to what they are and are not supposed to do during a divorce. Following the rules and regulations of divorce may go a long way in making the process easier as well as faster.

Source: USA Today, “Steven Cohen divorce battle continues,” Kevin McCoy, January 27, 2013

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