Attorney Louis P. Winner understands that divorce can be complicated, no matter how amicable and respectful both spouses may be during the process. This is particularly true for high-asset divorces, since a large amount of assets are involved.
Dividing marital property can be especially complex, resulting in a long divorce process and additional stress. If you are facing a high net worth divorce, it is important to prepare for what’s to come.
In a high-asset divorce, some of the assets that may be involved include real estate, investment portfolios, retirement accounts, business ownerships, copyrights, and much more.
The following are several tips to prepare for a high-asset divorce:
- Get an attorney. If there are significant assets, it is best to seek experienced legal assistance from a qualified divorce attorney. A lawyer will help ensure you are aware of all the assets, and what you are entitled to from the marriage.
- Work with a financial professional. Whether your attorneys suggest so or not, it is beneficial to work with a financial expert. He or she will help ensure that you understand the tax implications and all of your available options to protect your long-term financial interests. Furthermore, a financial professional can help you figure out your entire financial portfolio and whether your soon-to-be-ex-spouse is hiding assets from you.
- Find all the assets. Gather as much financial documentation as possible, such as bank statements, accounting records, business records, insurance documents, and more. While this includes obvious items such as homes, vehicles, businesses, and properties, it also entails jewelry, collectibles, artwork, furniture, guns, and any other personal property that has value. Once you’ve found all the assets, you must determine whether they are considered separate property or marital property. If the property was owned by only one spouse before marriage or was inherited by only one spouse during the course of the marriage, it will continue to be owned by that spouse. On the other hand, if property or assets appreciate in value, or earn income, the appreciation or income may be considered as marital property.