Going through a divorce is difficult regardless of the circumstances. When significant assets are involved, it can become even more complicated. Here’s what you need to know if you’re facing a high-asset divorce.
Getting Organized Is Key
Start this entire process by becoming organized. Make a list of all assets, account numbers, property information, debts, and anything else financially related to the marriage. Gather all documentation you can find too, such as tax returns, bank statements, retirement plan details, and others.
Preparing all this information will help you and your divorce attorney get a clear picture of the marital estate. Be prepared to provide lots of documentation to your attorney. They’ll need it to determine what assets are marital property versus separate property. Getting organized upfront will help this go more smoothly.
Having a Plan Matters
Going into a high-asset divorce without a plan is risky. Your spouse likely has a plan to protect their interests, so you need one too. Talk to your divorce attorney about your goals and concerns.
Do you want to keep the house? How do you want to divide retirement accounts? An attorney can help devise a strategic plan to protect your financial interests. According to Forbes, 58% of divorced couples report arguing and excess conflict, so having an exit plan ahead of time can help minimize disagreements.
Be Ready for Tricky Negotiations
With substantial assets involved, negotiations become complex quickly. Your divorce lawyer will handle negotiations, but you still need realistic expectations. High-asset divorces often take longer to finalize and may involve creative solutions like transferring businesses or selling real estate.
Go into the process knowing there will likely be lots of back and forth before reaching a final settlement. Trust your divorce attorney to negotiate aggressively while protecting your best interests. Remain calm and let them handle the turbulent talks so you can move on with your new life after divorce.
High-asset divorces require being extra prepared, planning strategically, and expecting headaches during negotiations, but working with an experienced divorce attorney can make the process smoother. Make sure to choose a divorce attorney you trust completely to safeguard your financial future. With their help, you’ll get the fair outcome you deserve. Call Gentry Law Firm LLC to schedule an appointment for a consultation today.
