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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.

Setting a plan for the marital home in your divorce

Trying to determine what to do with the marital home is going to take some work by you and your ex. If you can decide together what to do, you might find that you're able to get the property division matters handled quickly. One thing to remember is that you have to balance what you do with the home with the rest of the property division matters.

Emotional attachment can make property division challenging

Out of the many stressful situations you may encounter when you divorce, the property division aspect of the legal case might rank close to the top of the list. The reason for this is usually two-fold. First, you know that you need to have a good settlement to help you build your new life. Second, you have to try to battle the emotional attachment you have to some assets.

Retirement account division in divorce requires special steps

One of the assets that you have to divide during the property division process of a divorce is the retirement accounts you and your ex have. If you have to move any of these around, you'll need to have a qualified domestic relations order, or QDRO. This is a court-issued document that provides instructions to the plan administrator so you aren't left having to pay penalties when you move them around.

Equitable property division requires practical thought

High asset divorce is often a challenging undertaking because of the different types of assets that you have to divide. Trying to get everything split equitably may be easier if you are able to compromise with each other. This gives you a chance to think about what you want to fight for and what you'll willingly let go.

Property division has an emotional component

A high asset divorce comes with some specific challenges. Not only do you have to deal with the emotional challenges that come with the end of the marriage, but you also have to work on figuring out what's going to happen with each asset and debt that's been accumulated during the union. The more complex your financial holdings, the harder it may be to predict what will happen.

Think about the practical aspects of property division

Your divorce is a personal experience that has to be handled according to your individual circumstances. It can be difficult to do this because of the emotional aspect of it. However, when you're able to put those feelings aside and make decisions based on what's best from a practical standpoint, you can benefit greatly.

Don't fall for gaslighting during your divorce

High asset divorces sometimes bring out the worst in people, but there are some situations that make them even more difficult than they'd normally be. If your spouse is gaslighting, you will likely have to deal with mental and emotional stress from the situation.

A financial planner can help you considerably during a divorce

High-asset divorces can lead to considerable stress for both parties. It is imperative that you think carefully about how decisions will impact your financial status now and in the future. This can be a complex undertaking because there are so many factors that might come into the picture.

Financial disclosures must be fully factual in divorce

One of the most challenging things for some people who are going through a divorce is working through the property division matters. This is especially true when you are dealing with a high-asset divorce. As part of the process, a full disclosure of the financial status of both spouses is required so that the division is handled in accordance with the applicable laws.

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