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High asset divorce: Divorce Act caters to the middle class

Couples who have more assets may have a more difficult time financially when it comes to ending their marriages. Couples in British Columbia who are in the middle of a high asset divorce may have the government to blame seeing that the federal Divorce Act was basically designed for middle income earners. Many wealthier people own businesses and the division of assets in the divorce process isn't all that straightforward.

These cases often need the help of not only lawyers but also of forensic accountants, mediators and financial analysts. Someone may also be called in to assess the value of any businesses involved. The law in British Columbia allows divorcing parties to have one appraiser to assess the value of a business as opposed to each party having an independent appraiser.

But if one party doesn't like the number with which the appraiser comes up, he or she can hire another appraiser and that can get costly. When values are in question, forensic accountants are usually called in to verify business incomes. Things could get messy when personal matters are laid on the table such as credit card purchases, bank statements and other account information. Often one spouse does not want the other to know this kind of information. 

Couples involved in a high asset divorce will likely need the help of lawyers in British Columbia to disentangle financial affairs. Each individual may receive clarity of their personal legal picture from having his and her own lawyer weigh in on the details of what is at stake and how the divorce process affects the overall situation. Divorce can be complicated and adding wealth to the mix may make it even more so.

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