There are very few Pennsylvania residents who wouldn’t jump at the chance of becoming part of the “1 percent.” However, when it comes time for these 1-percenters to enter into divorce proceedings, it certainly makes the asset division process immeasurably complicated. Indeed, for couples with assets in excess of several million dollars, the process of dividing those possessions can be mind numbingly difficult to organize.
At Palange, Endres & Marks, PC, complicated asset division proceedings are what we excel at. We have managed large asset division cases for countless Pennsylvania residents — particularly in the Reading area — and we have developed a systematic approach to organize these proceedings with the utmost efficiency and cost effectiveness from a legal billing standpoint.
First, it is vital to analyze which possessions will fall under the category of marital property and which possession will fall under the category of individual property. Once this is determined, it is vital to ascertain the true value of the property. Value can sometimes be difficult to determine and subject to debate, so it is usually necessary to employ the services of expert property and real estate appraisers.
It is also important to use the services of expert tax specialists who can determine potential tax liabilities associated with a property. For example, if a home has increased significantly in value during the course of a marriage, when the home is sold, significant capital gains tax consequences will be triggered by the sale.
The above-referenced steps are just some of the basic parts of handling high net worth asset division proceedings for divorcing Pennsylvania couples. If you have questions about the best approach for your own asset division process, Palange, Endres & Marks, PC, is available to listen to the facts pertaining to your situation and advise you of your legal rights and options.