High asset divorces are different from common divorces in that the value of property and assets involved is much more substantial. In common divorces, whether in New Mexico or in any other part of the United States, divorcing spouses often deal with marital property, such as their home, retirement plans, bank accounts and other assets, whereas high asset divorces not only involve marital property, but also closely held business, stocks and offshore accounts. Due to the involvement of a wide-array of property and assets, it is important for spouses involved in high asset divorces not to overlook these important assets to avoid getting unfair and unjust settlement.
Residents of Bernalillo County, New Mexico know that divorce is a very complicated legal process that requires the full attention of those involved. If there are children involved, child custody and support issues are likely to develop. Marital assets can be subjected to property division or, if there are few assets to split, divorcing couples can just sell the assets and divide the proceeds between them. But when it comes to high asset divorces, disputes over offshore accounts, retirement plans and business assets can turn the legal process into a very contentious one.
Sharing has the ability to strengthen the relationship of a married couple. Spouses also believe that whatever their partner owns is also theirs. When it comes to managing a business, Americans, including Albuquerque, New Mexico residents, like to operate their business with their husband or wife. In fact, a U.S. Census data confirmed that married couples are managing 3.7 million businesses across the country. Partnering with a spouse in a business might be easy, but it could be difficult in the event of a divorce.
Many business owners and shareholders in Albuquerque, New Mexico, may have been concerned when the billionaire Harold Hamm and his wife decided to divorce last year. Much like these business experts, Hamm and the employees of Continental Resources became alarmed regarding high-asset divorce because it puts the company's assets and shares on the line.
New Mexico couples should always understand that in a divorce the hardest part of the negotiation process is agreeing on very small details. A minor financial oversight can have enormous repercussions and can cost a spouse thousands of dollars over time. In the case of a high asset divorce, where numerous properties and assets are on the line, this kind of loss can be even greater. Consequently, New Mexico couples should pay close attention during all aspects of the proceedings, especially property division, in order to avoid such costly mistakes.
Reality TV personality Khloe Kardashian and basketball star Lamar Odom are moving toward divorce and the celebrity pair have plenty of assets to divide between them. Sources report that Kardashian will probably receive a total of $7 million. The couple's prenuptial agreement stipulated that she would receive $500,000 for every year the couple was married, which adds up to $2 million for their four year run. She will also keep property that Odom gave her, like her $1-million diamond ring. Finally, she will be the sole owner of the couple's $4 million mansion in Tarzana.
"And they lived happily ever after." This is the traditional ending for the story of married spouses in Albuquerque, New Mexico, and beyond. Sometimes, the story needs a different ending when spouses who are stuck in a failing marriage opt for divorce as a way out. According to sources, advanced age is no longer a deterrent to divorce. Baby boomers are part of the divorce trend because they are no longer willing to compromise their longevity for their marriages.