Getting divorce is complicated for any couple, but high-asset divorces bring their own challenges. If you're about to separate from your partner and you have a large number of assets, it's important to prepare appropriately for the separation.
If you and your partner are separating, chances are you're feeling stressed, anxious, and tired. You might feel ready to just "hurry up" and get things over with. Unfortunately, it's especially important that you be careful and meticulous when you're part of a high asset divorce situation. When there is a lot at stake, it's easy to make poor decisions in order to quickly wrap things up. Make sure you take a deep breath, take your time, and carefully calculate exactly how to move forward in your high asset divorce case. Here's what you need to know.
Be Up Front With Your Attorney
One of the most important things you can do is to help your attorney calculate what marital assets exist between you and your partner. Your attorney will need to know about your bank accounts, your real estate holdings, any business income, stocks, as well as trusts you are the beneficiary of. Typically, the total value of the assets will be calculated and then divided between the parties; however, this is not always the case. Sometimes, certain assets will not be considered to be part of the marital assets, such as an inheritance that is specified to be only for you and not your spouse.
Don't Hide Your Assets
Some couples make the mistake of thinking they can hide assets during a divorce case. There are many ways to hide assets during a dissolution of marriage. This can include transferring money or property to a relative or friend, as well as lying on your taxes. Unfortunately, most people who attempt to hide assets during a divorce are quickly caught. This looks very bad in the eyes of the law, so make sure you avoid hiding assets during your divorce case. If you suspect that your partner is hiding assets in an attempt to walk away with more than they are owed during the divorce, you should address this with your attorney.
Hire the Right Attorney
Because high asset divorce cases are so sensitive in nature, it's vital that you choose someone who can assist you carefully throughout this process. Make sure you quickly hire an attorney with experience in high asset cases who can walk you through the divorce process and assist you throughout the experience. Your lawyer will help ensure that you receive the appropriate amount from your marital estate and will assist you in making decisions that are fueled by logic, rather than reacting emotionally to the situation.
Don't wait to get the help you need. When you're ready to separate from your partner and there are a large number of valuable assets involved, it's time to hire an attorney who understands exactly how you can start moving forward.