Almost every divorce requires the resolution of some difficult issues. High net worth divorces, however, can be particularly complex.
The pending divorce of actor Kelsey Grammer and his wife, reality television star Camille Grammer, provides a prime example of the complexities that can arise when dividing significant assets.
Some reports indicate the pair has amassed over $100 million in assets during the course of their 13-year marriage. The Grammers invested heavily in real estate with five homes in four states. The couple never signed a pre-marital agreement, so it is likely the assets accumulated during the marriage will be evenly divided. Camille is also likely entitled to some of the syndication profits from Kelsey’s work on ‘Cheers’ and ‘Frasier’.
The Grammer’s divorce case is pending in a California court. Kelsey has requested the process be expedited so he can marry his new fiancée.
Issues Involved in High Net Worth Divorces
High asset divorces may entail a variety of issues. Significant assets often need to be appraised by appropriate financial experts. Financial planners and experts can also help prepare financial documents, assess tax consequences and evaluate settlement proposals.
Some examples of subjects that may need to be addressed include: valuation of businesses and professional practices, splitting of pensions and retirement accounts, and division of real estate holdings.
Particularly if one spouse primarily handled the couple’s finances, hidden assets may be a concern. Attorneys can work to reveal undisclosed assets such as overseas accounts and tax shelters.
Especially when substantial assets are involved, it is vital that someone facing a divorce has the assistance of an experienced family law attorney who can work to ensure their financial interests are protected.
Source: Kelsey Grammer’s Divorce to Cost $50 Million?