The end of a marriage is generally a stressful and challenging period during which many changes become inevitable. While the emotional difficulties you are likely experiencing may pass in time, your divorce could have a lifelong impact on your future finances, which could prove to be especially daunting.
Dividing up personal possessions and assets in a divorce is rarely easy, but the potential for disaster increases when there are high-value assets involved.
California is a community property state, which means that any assets acquired during the duration of the marriage are split 50/50—unless the divorcing couple can agree to something that they think is fairer.
To many, it seems as if divorce is all about the money. If you are in the middle of dividing the house, the cars, the retirement accounts and the investments, you probably agree. While reducing your marriage to the value of your assets may seem cold, you also know that the results of your settlement may determine your financial health for years into the future. This is why you may be concerned that your spouse is hiding assets from you.
Bill Gross, a co-founder of Pacific Investment Management Co., has been married for the last 31 years. In that time, he's become a billionaire, and he and his wife have worked with a charity to give away around $800 million. Now, though, his wife has decided to ask for a divorce.