A property settlement is simply about dividing assets and liabilities. In most cases, working out the true financial circumstances of a relationship is straight forward and usually consists of real estate, cars, bank accounts and liabilities.
The first step in advising a client of their potential rights under the Family Law Act requires the legal adviser to establish the value of this property pool. That can get tricky as the article attached points out.
In high net worth matters, there are usually complex financial structures designed to protect assets and for tax planning purposes. Issues can arise in locating assets, assessing complex financial structures the parties may legitimately have constructed and in valuing property which can be in the form of company, real property (land) or other items of value, including in this case very expensive art collections.
Specialist family law firms such as Tiyce & Lawyers have established relationships with experts in the area including forensic accountants and specialist valuers to assist investigating hidden assets and to better understand complex structures. It is important that you instruct a lawyer with specialist expertise in negotiating what can be to an inexperienced practitioner, a minefield.
For specialist advice contact Tiyce and Lawyers.
We are here when you need us.