Any type of divorce is challenging, regardless of the net worth or age of the parties. Deciding to leave a marriage due to irreconcilable issues can be painful. In addition, divorce has financial effects, especially if the spouses accumulated assets worth millions of dollars in their marriage.
However, with the right tips you can prepare for a high-asset divorce and receive a fair share. Here are three things to keep in mind in a high-asset divorce.
A high-asset divorce can take longer due to the intricacies of its property division process. Nonetheless, listing your separate and marital assets and hiring an expert to value them can make the prices more manageable.
Note that your spouse’s team will also be doing the same. Thus, you should disclose all your assets, including digital ones and retirement accounts, to save time and avoid getting into trouble.
Further, to get what’s rightfully yours, you need to be patient. Rushing a high-asset divorce is not wise, as you may end up with an unfair share if you are not careful.
You need to consider tax implications in your high-asset divorce. Hiring an expert to help you understand taxes that may be applied to your assets can help you make informed decisions. You may be disadvantaged if you don’t consider taxes during property division.
The chances are your lifestyle may change after your high-asset divorce is finalized. With property division, spousal support and/or child support, you may have to make changes in your life. But with time, you can regain the lifestyle you had created.
High-asset divorces involve many issues. It will help to learn more about your case and property rights to negotiate a fair division of assets.