Divorce is complicated, and this can increase significantly when you are dealing with a relationship that has high assets involved. A high-asset divorce can be extremely difficult to contend with, setting it apart from divorces that do not involve a lot of assets or liabilities.
Here's what you need to know about high-asset divorce and how you can prepare.
Understand the Consequences of Hidden Assets
Hidden assets are not uncommon in high-asset divorces. These divorces can involve assets that are purposely hidden from one spouse, which can be confusing and difficult. It is important to understand that during a divorce, you must be transparent about your assets. The same applies to your spouse.
No matter the value of your assets, they need to be made available for discussion in court. Your attorney will understand how to examine the situation for hidden assets and other things you need to know about.
Consider Hiring an Accountant and an Attorney
If you have a lot of assets and are not quite sure how to keep track of them, it is possible that you have a lot on your plate. You can have an accountant manage the listing of your assets and your spouse's assets. Accountants can handle things like pensions, retirement funds, and more.
Your lawyer is also beneficial in this matter. Attorneys understand the different types of situations that you can run into during a high-asset divorce. For example, an accountant can provide your attorney with valuable information.
Discuss Property Division
Property division can be confusing, but it is also important for high-asset divorces. It is important to understand how marital property will be divided as well as what accounts for non-marital property. Not all assets will be considered for equitable division, and you should speak with your attorney if you have assets you need to protect.
Your attorney will advise you about the factors the judge considers in dividing property, including the length of your marriage, the needs of each party, the needs of any children involved, and the ability for each party to financially contribute throughout the marriage.
Hire a Divorce Lawyer Who Understands High-Asset Divorce
High-asset divorce can be more complicated than you expect it to be, which is why you should hire a divorce lawyer who understands high-asset divorce. Your lawyer will help you determine how to move forward and how to protect your own assets. Schedule a consultation to learn more.