That above post headline for today’s blog entry doesn’t exactly rock your world, does it?
After all, it’s just a given — and eminently obvious, too — that a comparatively high threshold of wealth featuring in a divorce will yield layered concerns and complexities that are simply absent in dissolutions marked by more modest asset holdings.
We flatly make the point on a page of our family law website at the Wellesley Law Offices of Lisa A. Ruggieri, P.C., noting that, “Though all divorces have the same basic elements involved, high-asset divorces with a large net worth at stake have added complexity.”
Notwithstanding that truism, the point that many family law commentators focused upon divorce-related property division seek to especially stress is that the increased complexity is not just marked by accretion, but by both its breadth and depth.
There are more stones to turn over. And the technicalities relevant to them — ranging from required court orders for asset distribution and the accurate determination of cost basis for tax purposes to the full identification of wealth-holding instruments across a wide universe of financial vehicles, the treatment of, often, multiple realty holdings and more — are myriad and convoluted.
A recent article in the long-tenured law journal Legal Intelligencer notes all those special concerns and more, duly pointing out that a high-asset dissolution (a divorce marked by property considerations “running into the millions of dollars”) sometimes seems to require “a seemingly endless number of tasks needed to distribute assets of many different classifications.”
Not every family law attorney works routinely with divorce clients having such concerns. Those who successfully do understand the often unique considerations that are involved, the need to be timely and closely focused on broad-based concerns, and the requirement to sometimes bring in other tax/financial professionals in order to provide truly seamless and integrated service.