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A high asset divorce can also mean a load of debt

As you prepare for the divorce process, you're sure to turn a good portion of your attention to your assets. This includes things such as your family home, motor vehicles, retirement accounts, bank accounts, business interests and personal belongings.

When faced with a high asset divorce, you should also take into consideration your debt load. There's a good chance that you're faced with the following:

  • A balance on your mortgage
  • A balance on your car loans
  • Personal loans
  • Home equity loans or lines of credit
  • Credit cards

If you don't take both your assets and debts into consideration, you could make decisions during your divorce that don't work in your favor.

For example, you may fight to keep your family home. Maybe you're prepared to do this to provide stability to your children post-divorce. While it sounds like a good idea, if you can't afford the mortgage it'll end up in disaster. You may soon find your home on the market and scrambling for a place to live.

Just the same as assets, you must also split debt in your divorce. To ensure a fair process, create a checklist of both your assets and debts, along with a designation for what's marital and individual.

A high asset divorce has the potential to bring many challenges to the process, including the fact that you may also find yourself dealing with quite a bit of debt.

As complicated as it may be, you have legal rights and you need to protect them throughout the divorce process. Doing so will increase the likelihood of a divorce settlement that positions you for future financial success.

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